Bayerische Motoren Werke AG (BMW) stood by plans to increase 2012 profit after third-quarter earnings beat analyst expectations, helped by gains from auto loans.
The world’s biggest maker of luxury cars is pushing to boost deliveries next year, led by growth in the U.S. and China. Backed by new models like an extended version of the 3-Series sedan, the Munich-based company plans to increase sales in China by more than 10 percent, outpacing the market.
“We expect our attractive product lineup to generate positive momentum” in 2013, even as Europe stagnates and global growth slows further, Chief Financial Officer Friedrich Eichiner said today on a conference call.
Buoyed by growth in Asia and the U.S., BMW has largely been unscathed by the sovereign-debt crisis, which is set to cause the biggest drop in European auto demand in nearly two decades this year. Daimler AG’s Mercedes-Benz has lowered profit targets and initiated a cost-cutting plan because of the slowdown in Europe and aging models. BMW said today that it doesn’t need a special savings program.