FRANKFURT -- BMW said China sales rebounded in April but the automaker cautioned that other markets in Europe and the U.S. will be "very slow" to recover from the corona pandemic.
Earlier this month BMW lowered its profit expectations, citing worse-than-expected demand which would deteriorate in the second quarter.
"There is at least a glimmer of hope coming from China," CEO Oliver Zipse said in a speech held at the company's annual general meeting on Thursday, which is being held in a virtual format for the first time. "Unfortunately, our biggest single market is only of limited use as a blueprint for development in other markets."
After China sales fell 88 percent in February, deliveries rose 14 percent in April, thanks to pent-up demand in a market where vehicle ownership is relatively low by global standards, BMW said.
"Economies in Europe have been affected to varying degrees by the pandemic, for instance. Demand for cars in countries like Spain, Italy and the UK will probably be very slow to recover. The same applies to the US," Zipse said.
The automaker is gradually ramping up production and last week re-opened its Rolls-Royce factory in Goodwood, England, and an SUV plant in Spartanburg, in the U.S.
This week, BMW is re-starting production in Dingolfing, Germany and next Monday the company will resume work at its German plants in Munich, Regensburg and Leipzig, as well as Rosslyn, South Africa and San Luis Potosi in Mexico. Mini production will also restart at the automaker's plant in Oxford, England.
