BMW gets a profit boost from SUVs and 7-Series sales

BMW Lawsuit (Image 1)

FRANKFURT, Germany (AP) – German luxury automaker BMW says net earnings rose 31 percent in the first three months of the year as sales increased in Europe, the U.S. and Asia, led by profitable SUVs and the 7-Series large sedan.

The Munich-based automaker said Thursday it made 2.15 billion euros ($2.34 billion) compared to 1.64 billion euros in the year-earlier quarter.

Profits were also boosted by a one-time gain of 183 million euros due to the increased value of its HERE mapping venture with Daimler and Audi.

Vehicles sales rose 5.3 percent. Sales of the X5 SUV made in Spartanburg, South Carolina were up 18 percent while unit sales for the 7-Series rose 50 percent.

Sales in China rose 12 percent while the United States saw a much more modest rose of 0.7 percent.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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