BMW earnings decline on higher carmaking costs

By: Bloomberg, FMTBMW outpaced its rivals in the EV market, with a 28% sales surge driven by high demand for models like the i4 sedan and iX1 SUV. BMW AG’s earnings fell in the first quarter after rising manufacturing costs weighed on the luxury-car maker’s profitability.

The results indicate car markets may remain challenging this year amid persistent inflation, a protracted recovery in China and muted economic growth in much of Europe. The company also outperformed its peers Mercedes and Audi on fully electric vehicles, with sales rising 28% amid robust demand for battery-powered models such as the i4 sedan and the iX1 sport utility vehicle.

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