BMW Says Sales Rose 5 Percent in 2006

From Associated Press
January 26, 2007 7:43 AM EST
BERLIN - German automaker BMW AG said Friday 2006 sales rose 5 percent to 49 billion euros ($63.59 billion), beating analysts' forecasts.

Analysts had forecast on average a 4.7 percent rise over 2005's 46.7 billion euros.

The total number of BMW, Mini and Rolls-Royce brand vehicles delivered to customers increased 3.5 percent to 1,373,970 units, the company said.

"2006 has been the best financial year in the company's history," Chief Executive Norbert Reithofer said in a statement.

BMW reiterated its earnings target for fiscal 2006, saying that higher volumes and internal efficiency improvements should offset the adverse effects of foreign exchange rates and higher raw material prices.

"We remain confident that we will be able to post record pretax earnings of 4 billion euros ($5.19 billion) for 2006," Reithofer said.

BMW will publish earnings in March.

The company expects to sell more than 1.4 million cars in 2007.

BMW shares opened the day in Frankfurt trading at 45.99 euros ($59.69).