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BMW's soaring profit fuelled by new 5-Series sedan

Show attendees look over a 2017 BMW 540i Sedan at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. (Reuters photo)

FRANKFURT, Germany -- German luxury automaker BMW says net profit rose 14% in the second quarter as earnings were boosted by the new version of the 5-Series sedan.

Profit rose to 2.21 billion euros (86.7 billion baht) in the April-June period from 1.95 billion euros a year earlier. The profit figure beat analyst expectations for 2.01 billion euros as compiled by financial information provider FactSet. Revenues rose 7.4% to 49.2 billion euros.

CEO Harald Krueger said Thursday strong earnings will ensure the company can expand its efforts in battery-powered and autonomous cars. Krueger said “huge changes lie ahead in the world of mobility and it is vital that our company is in top shape to tackle them.”

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