German car manufacturer BMW has revealed that it almost quadrupled profits in the 1st quarter of 2011 thanks to increasing demand from China (up 72%) and renewed growth in the US (18%).
BMW, which owns the Mini and Rolls-Royce brands, reported net profits of 1.2bn euros, up from 324m euros a year ago and also said it had sold a record number of cars for the first quarter.
Rolls-Royce sales were up 50%, while Mini sales jumped 23%.
In total, the number of BMW, Mini and Rolls-Royce vehicles sold worldwide rose more than 20% to 382,758 units.
“The BMW Group is well on its way towards achieving new sales volume and earnings records for the full year,” said Norbert Reithofer, BMW’s chairman.
“We are aiming for a record sales volume of well over 1.5 million vehicles as well as new full-year sales volume records for each of our premium brands BMW, Mini and Rolls-Royce.”
The BMW group said it recorded growth in almost all regions, signalling continued improvement in the global economy.