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Tuesday, Nov 6, 2012 7:15 AM UTC

China pushes BMW to record sales, earnings in Q3

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Topics: From the Wires,

FRANKFURT, Germany (AP) — Strong sales of its luxury cars in China helped boost BMW AG’s net profit by 16 percent in the third quarter.

Booming Asian sales helped the maker of the X5 sport utility vehicle and the 5-series sedan overcome a stagnant market in Europe. Consumer demand remains slack there because of the debt and economic crisis.

Net profit rose to €1.29 billion ($1.65 billion). Sales jumped 13.7 percent to a record €18.82 billion.

China sales rose 30 percent, while European sales grew modestly at 2.6 percent as sales sagged in southern Europe where the economic crisis is at its worst.

Sales were even down slightly in BMW’s home market of Germany.

The company said it was sticking to its earnings forecasts despite “an increasingly uncertain market environment.”

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