BMW Group in the Middle East is delighted to report a strong performance for the third quarter of 2022. Despite the rising costs of raw materials and energy, BMW Group has been able to produce solid financial results in an uneven economic environment.
“Compelling products are the best answer to a challenging environment,” said Oliver Zipse, Chairman of the Board of Management of BMW AG. “They give us stability in the present and create growth prospects for the future. We are systematically investing, for this reason, in the technology clusters of the Neue Klasse. We firmly believe that these highly innovative products will take our offering to the next level. Our solid third-quarter results underline that flexibility creates resilience. Especially under volatile conditions, our globally balanced footprint and technology-open approach are proving to be a key success factor. That is why, after nine months, we are on track to meet our targets for the year. The market success of our fully-electric models, in particular, means we can look forward to the coming months with confidence.”
BMW Group continues to be at the forefront of electromobility, witnessing significant growth in sales of fully-electric and electrified vehicles. More than 128,000 electric vehicles were delivered to customers in the year to the end of September – more than twice the number for the same period of 2021. As a result, there has been a decrease in CO2 emissions in the EU new vehicle fleet that is ahead of target.
Launches of the new BMW X1 and the new BMW 7 Series were warmly received, while a similarly positive reception is anticipated for the first fully-electric BMW i7 in November 2022. Both the X1 and 7 Series come with different drive train variants: as pure-electric vehicles (BEVs), hybrids (PHEVs) and with petrol and diesel engines, which offers the versatility that is demanded by today’s driver.
In the face of global disruption to supply chains and COVID lockdowns in China, BMW Group was still able to deliver 1,747,838 vehicles to customers in the first nine months of the year, 587,744 of which came in Q3. This achievement places BMW Group at number one in the premium segment in Germany and worldwide. The number of deliveries is forecast to increase significantly in the fourth quarter, compared to Q3 in 2022. Compared to 2021, BMW Group expects sales of fully-electric vehicles to double in 2022.
Turning to revenues, in the third quarter of 2022, BMW Group reached €37,176 million, pushing the total for the first nine months of the year to €103,088 million.
Dr Hamid Haqparwar, Managing Director of BMW Group Middle East, said, “Powered by the enormously encouraging sales of our electric cars, BMW Group has once again defied the odds to produce an outstanding set of results for Q3. I’m excited to enter the final quarter of the year where I expect to see continued forward motion for the group thanks to our attractive fleet and impressive growth in the electromobility sector.”