BMW's revenues up by 7.6% in 2019

Revenues of BMW were up 7.6 percent year-on-year to 104.2 billion euros in 2019, the German luxury carmaker announced in its financial report published on Wednesday.

Net profit declined by 28.9 percent to around 5 billion euros, partly caused by "positive valuation effects" recorded in 2018 that were not repeated in 2019.

Vehicle sales of BMW Group increased by 2.2 percent to about 2.5 million units as the Bavarian carmaker recorded a new all-time high of delivered units.

BMW brand sold around 2.2 million vehicles in 2019, while its subsidiaries MINI and Rolls-Royce Motor Cars sold 350,000 and 5,000 units, respectively.

According to BMW, growth was "particularly strong in the upper luxury segment" where volumes increased by around 75 percent to more than 100,000 delivered units, thanks to new models such as the 8 Series.

Sales in Europe were slightly down compared to the previous year's level, decreasing by 1.2 percent to around 1.1 million units, but still exceeded the one-million mark for the fifth consecutive year.

BMW stressed that the biggest growth driver for sales had been China where deliveries increased "significantly" by 14 percent within one year to around 725,000 units.

For 2020, BMW is expecting the spread of the novel coronavirus and the required containment measures would have a negative impact on delivery volumes "in all major markets."

As a result, automotive segment deliveries to customers worldwide in 2020 would be "significantly below the previous year's level," according to BMW. Thus, group profit before tax is expected to be "significantly lower" than in 2019.

"We take our responsibility seriously, both when it comes to ensuring the protection and health of our employees and to achieving the best possible balance in terms of profitability," said Oliver Zipse, chairman of the board of management (CEO) of BMW.