BMW muscles through global chip shortage with jump in profit


AG jumped to beat expectations after higher vehicle prices and prioritising money-spinning models like the $75,000 X7 SUV helped the company offset output reductions due to the dearth of chips. Group before tax surged 50 per cent to 2.9 billion euros ($3.4 billion) in the third quarter, said Wednesday, compared with an average analysts’ estimate of 2.5 billion euros.

The chip supply woes that have hampered the entire industry will remain an issue beyond this year, it said.




has navigated turmoil from the chip shortage better than others, and in late September went against the tide of warnings to raise profit expectations. Carmakers have been able to offset much of the crisis with higher prices.

Lufthansa flies back to black on cargo boom Germany’s Lufthansa expects high demand for its booming cargo business and the recovery of passenger flights to continue next year, it said on Wednesday, after reporting its first underlying operating profit since the coronavirus crisis. The group reported adjusted before interest and tax (EBIT) of 17 million euros ($20 million) in the third quarter, versus a loss of 1.262 billion euros a year earlier, supported by strong freight business and rising demand.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *