On November 3rd, BMW Group, released key financial data for the third quarter and the first nine months of the 2023 fiscal year ending on September 30th. Despite a turbulent macroeconomic environment, the group saw a 5.8% increase in vehicle deliveries in the third quarter compared to the same period last year, driving a slight revenue growth of 3.4% to €38.458 billion.
Due to changes in the MINI brand models, vehicle deliveries in the Chinese market declined by 1.8% year-on-year to 210,700 units in the third quarter. However, deliveries for the first nine months increased by 1.7% to reach 603,900 units.
In the third quarter, the group’s pre-tax profit margin was 10.6%, slightly lower than the previous year’s figure of 11%. In the first nine months of this year, the pre-tax profit margin for the automotive sector increased by 0.5 percentage points to 10.3% compared to the same period last year.
*BMW Group operates in the automotive, motorcycle, and financial services sectors and owns various automotive brands, including BMW, the high-performance BMW M series, MINI, Rolls-Royce, and BMW Motorrad in the motorcycle segment.
The group expects to achieve a full-year pre-tax profit margin for the automotive business of 9% to 10.5% and anticipates steady growth in customer deliveries, primarily from high-priced models and pure electric vehicles.
In the third quarter, BMW Group’s deliveries of battery-electric models (BEV) surged by 79.6%, with pure electric vehicles accounting for 15.1% of deliveries, surpassing the annual target of 15%. In the first nine months ending on September 30th, deliveries of pure electric models nearly doubled, growing by 92.6% year-on-year to 246,900 units, mainly driven by a 119.3% year-on-year increase in BMW brand pure electric vehicle deliveries for the first nine months.
BMW Group is advancing the electrification of its product lineup, with the introduction of the new BMW i5 model and the upcoming Rolls-Royce Spectre. All three of the group’s high-end automotive brands are expected to have at least one pure electric vehicle. By 2024, it is projected that one in five of the group’s new models will be pure electric, increasing to one in four by 2025.
As of the closing on November 3rd, BMW Group’s stock price stood at €93.12 per share, marking a 1.5% increase from the previous trading day. Year-to-date, the group’s stock price has accumulated a 11.7% increase, with a current market capitalization of €60.4 billion.
Compared to last year, there has been some improvement in the supply situation, making it easier for the group to meet market demand. In the third quarter, BMW continued to show growth in many global automotive markets, with car deliveries continuing to rise in European and American markets while remaining steady in the Asian market compared to the previous year.
Car delivery volumes by market:
- European Market (including Germany): Car deliveries in the third quarter increased by 12.9% year-on-year to reach 221,700 units, with car deliveries in the German region growing by 12.4% year-on-year to 68,600 units. Car deliveries in the European market for the first nine months increased by 6.4% year-on-year to reach 671,000 units.
- US Market: Car deliveries in the third quarter increased by 7.7% year-on-year to 92,200 units, with deliveries for the first nine months growing by 9.7% year-on-year to 339,500 units.
- China Market: Car deliveries in the third quarter decreased by 1.8% year-on-year to 210,700 units, primarily due to changes in the MINI brand models. However, deliveries for the first nine months increased by 1.7% year-on-year to 603,900 units.
Car delivery volumes by brand:
- BMW: Car deliveries in the third quarter increased by 6.2% year-on-year to reach 549,900 units.
- MINI: Car deliveries in the third quarter increased by 2.6% year-on-year to reach 70,400 units.
- Rolls-Royce: Car deliveries in the third quarter decreased by 9% year-on-year to 1,374 units.
As of September 30th, the core financial data for the third quarter of the 2023 fiscal year for BMW Group are as follows:
- Revenue increased by 3.4% year-on-year to €38.458 billion.
- Earnings Before Tax (EBT) remained largely unchanged from the previous year at €4.063 billion, with a pre-tax profit margin of 10.6%.
- Earnings Before Interest and Taxes (EBIT) increased by 18.2% year-on-year to €4.352 billion.
- Net profit decreased by 7.7% year-on-year to €2.931 billion.
- Earnings per share decreased by 1.2% year-on-year to €4.20.
- Car deliveries increased by 5.8% year-on-year to 621,700 units.
- Motorcycle deliveries increased by 0.5% year-on-year to 52,000 units.
As of September 30th, the core financial data for the first nine months of the 2023 fiscal year for BMW Group are as follows:
- Revenue increased by 9.2% year-on-year to €112.53 billion.
- Earnings Before Tax (EBT) decreased by 33.8% year-on-year to €13.414 billion, with a pre-tax profit margin of 11.9%.
- Earnings Before Interest and Taxes (EBIT) increased by 34% year-on-year to €14.07 billion, with the automotive business segment’s pre-tax profit increasing by 27.4% year-on-year to €9.81 billion.
- Net profit decreased by 41.8% year-on-year to €9.551 billion.
- Earnings per share decreased by 41.8% year-on-year to €12.90.
- Car deliveries increased by 5.1% year-on-year to 1.836 million units.
- Motorcycle deliveries increased by 3.5% year-on-year to 164,900 units.
| Source: Official financial report
| Image Credit: Official financial report
| Editor: Wang Jiaqi
