BMW, Volvo earnings boosted by electric cars

STORY: Both BMW and Volvo reported on Friday (November 3) that electric vehicle (EV) sales have boosted their earnings.

For BMW, its third-quarter results beat analysts’ expectations.

It confirmed its forecasts for the year, striking a more optimistic tone than some competitors.

And that was down to both premium and electric vehicles (EVs), which boosted the automaker’s revenue to $40.9 billion.

But the company said group net profit fell almost 8% compared to last year’s figures…

Which benefited from a one-off boost after it took a majority stake in its Chinese joint venture BBA.

They added that revenues took a hit from negative currency exchange effects as well as some manufacturing costs.

The group said higher priced models, such as the 7 Series, are driving sales growth.

And fully electric sales outstripped BMW’s end-year target of 15%.

Volvo also reported an EV sales jump of 29% in its October results.

Overall sales grew 10% in the month from a year earlier, with EVs accounting for 18% of all Volvo cars sold.