BMW profits from higher prices, EV sales

BMW beat forecasts on Wednesday (November 3).

Net profit jumped just over 42% in the third quarter, hitting almost $3 billion.

And that's despite the global shortage of computer chips.

BMW says that will leave it delivering around 90,000 fewer cars this year.

Other factors have more than made up for the drop though.

Sales of electric vehicles are booming, running at almost double last year's levels.

The company said it also benefited from strong pricing across its range, and stable prices for used vehicles.

While all carmakers have been hit by the silicon drought, premium brands like BMW have been better able to raise prices in response.

It expects a profit margin of up to 10.5% this year for its cars division.

Though it says hitting that target will require some reduction in the number of employees.

And the chip problem isn't going away, with the company warning it will still be an issue beyond this year.

BMW shares edged higher early Wednesday following the results.

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