BMW driven by pent-up demand for luxury vehicles

Pent-up demand for luxury vehicles boosted BMW’S earnings last quarter, despite global supply chain challenges.

The German manufacturer increased earnings before interest and tax to €3.5bn (£3.1bn) in the final three months of 2022.

The Munich-based group also saw last year’s revenues jump 28pc to €142bn, beating analyst expectations.

Higher prices for BMW’S expensive models helped offset the company’s drop in deliveries caused by remaining supply chain disruptions.

BMW delivered just under 2.4m vehicles last year, a 4.8pc decline on the previous year.

Meanwhile, the company yesterday announced the appointment of Walter Mertl as its new chief financial officer.