BMW said earnings rose 12 percent in the first quarter even as the war in Ukraine and COVID lockdowns in China disrupted the automaker’s supply chain.
Group earnings before interest and tax rose to 3.39 billion euros ($3.6 billion) in the first quarter, the company said Thursday.
BMW confirmed the outlook for the year that it outlined in March, when it said Russia's invasion of Ukraine will push down automaking returns to between 7 percent and 9 percent. That's slightly less than the 8 percent to 10 percent range it had estimated before the war started.