BMW profits soar on strong Asian sales



BMW - Record Profits in 2010

BMW – Record Profits in 2010

Strong sales growth in Asia has helped German car maker BMW post record profits in 2010, the company announced today. It hopes to continue the momentum and post better results in 2011.

Sales in Hong Kong, Taiwan and China have jumped by 85.3% over the past twelve months, the company disclosed.

Revenue for the year rose by 19.3% to a record €60.48 billion. Net profit of the luxury carmaker zoomed to €3.23 billion (£2.75 billion, $4.45 billion) in 2010 from €210 million in 2009.

Germany is still the biggest market for BMW – where it sold 267,160 cars last year, followed by the US, where car sales for the year stood at 266,580 units.

Taiwan, Hong and China imported a total of 183,328 cars in 2010.

“We are extremely pleased with developments over the past financial year”, said BMW chairman Norbert Reithofer.

BMW hopes to break previous records this year with an annual sales target of 1.5 million cars.

Rival luxury carmaker Audi also posted similar results this week with strong sales growth in Asia. Audi forecasted a strong 2011 as well.

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