BMW posts rise in Q1 net profit

German car manufacturer BMW nearly quadrupled its first-quarter net profit to Û1.21 billion (£1.09 billion), driven by strong sales performance in its world markets, especially in China.

The luxury carmaker saw its revenues reach €16.04 billion (£14.4 billion) during the period, up 29% year-on-year.

BMW, which includes the Mini and Rolls-Royce brands, reported strong sales performance in Asia.

It posted a 53% rise in car sales in Asia, with China seeing a 72% growth.

Germany's export-oriented carmakers recorded strong sales in the China market during the first quarter.

Daimler AG, the maker of Mercedes-Benz cars, nearly doubled its first-quarter earnings to €1.18 billion (£1.06 billion), while Volkswagen AG - the maker of the Audi luxury brand - more than tripled its profits to €1.7 billion (£1.5 billion).

BMW also posted strong sales in Europe, the carmaker's biggest market, and North America.

A total of 200,000 cars were sold in Europe, up 13% year-on-year.

The European luxury segment has delivered a better performance than the car market as a whole, which shrank slightly as scrapping incentives expired in some nations while many countries struggle with debt crises or weak growth.

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