, helped by strong demand in China and higher prices for its luxury models. The German carmaker's net profit reached €3.2bn, up from €2.6bn euros between July and September last year. The results underscore the deep economic ties between Germany and China, the world's largest car market, as German Chancellor Olaf Scholz prepares to visit Beijing on Friday. BMW will be part of a delegation of German companies to accompany Scholz on the one-day trip. A senior German official said the visit was "exploratory" and designed to find out "where China stands, where China is going and what forms of cooperation are possible with this specific China in the current global situation". China was Germany's biggest trading partner in 2021 for the sixth consecutive year, its biggest single source of imports and its second export destination after the US. BMW sells more than a third of its cars to China, sharing its dependence on the market with larger rival Volkswagen, which sells about half its cars to the country. The luxury carmaker said it sold 214,565 cars in China from July to September, up 5.7pc from the same period last year. Sales in most other markets, aside from the US, declined. US sales rose 3.9pc and profit for the group rose by a fifth to €4.1bn. 'Contributing to this were solid pricing for new and used cars, a favourable product mix and, in particular, revenues from the Chinese joint venture,' the company said on Thursday. Brilliance China Automotive, BMW's Chinese partnership, was set up in 2003. The company this year said it would extend the partnership until 2040. Sales of BMW's battery-powered vehicles, including cars made by Mini in Oxfordshire, doubled in the first nine months of the year to 128,195, it said. Car deliveries, however, were down nearly 1pc over the period, as the industry continued to grapple with supply chain disruptions and Covid lockdowns in China. The company noted caution over t){kind=link}
Carmaker’s results come ahead of German leader Olaf Scholz’s visit to Beijing
BMW’s third quarter sales grew by 35pc to €37.2bn (£32.5bn), helped by strong demand in China and higher prices for its luxury models.
The German carmaker’s net profit reached €3.2bn, up from €2.6bn euros between July and September last year.
The results underscore the deep economic ties between Germany and China, the world’s largest car market, as German Chancellor Olaf Scholz prepares to visit Beijing on Friday.
BMW will be part of a delegation of German companies to accompany Scholz on the one-day trip.