By Mauro Orru 
 

BMW AG said Monday that earnings before taxes for the first quarter increased substantially, while sales grew in all its significant markets, particularly in China, according to preliminary figures.

The German luxury car maker said first-quarter earnings before taxes jumped to 3.76 billion euros ($4.51 billion) from EUR798 million in the first quarter of 2020.

"Positive price and mix effects, as well as high demand for pre-owned cars, also lead to key financial performance figures of BMW AG which exceed market expectations in a positive current environment," the company said in a statement.

BMW said first-quarter earnings before interest and taxes in its automotive segment rose to EUR2.24 billion from EUR229 million, while the corresponding EBIT margin climbed to 9.8% from 1.3%.

BMW is scheduled to post full results for the quarter on May 7.

 

Write to Mauro Orru at mauro.orru@wsj.com

 

(END) Dow Jones Newswires

April 19, 2021 13:34 ET (17:34 GMT)

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