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BMW raises profit forecast for 2021, but chip shortage enters the second half By Reuters

© Reuters. File photo: BMW logo at the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of coronavirus disease (COVID-19) in Bangkok, Thailand on July 14, 2020. Appears on the handle during Media Day. ..

London (Reuters)-BMW raised its 2021 earnings forecast on Tuesday following strong quarterly results, but warned that global semiconductor chip shortages and rising raw material prices would impact second-half results did.

“Our performance has benefited from strong customer demand in the first half of this year and we have been able to achieve significant growth,” Oliver Zipse, CEO, said in a statement.

“But given many common risks, such as raw material prices and semiconductor shortages, the next six months could be more volatile for the BMW Group.”

BMW posted a better-than-expected profit in the second quarter of Tuesday against the same period loss in 2020 when a German luxury car maker was hit by a coronavirus pandemic.

Automakers said they expect full-year operating margins for the automotive segment to range from the previous forecast of 6% to 8% to 7% to 9%.

BMW posted a quarterly net profit of € 4.8 billion ($ 5.7 billion) against a loss of € 212 million in the same quarter of 2020. Analysts expected second-quarter net profit to average € 2.2 billion, according to Refinitiv. Estimate.

($ 1 = 0.8420 euros)

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BMW raises profit forecast for 2021, but chip shortage enters the second half By Reuters

Source link BMW raises profit forecast for 2021, but chip shortage enters the second half By Reuters

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