United States: German automaker BMW reported a 23 percent jump in third-quarter profit on Thursday, driven by strong demand for more expensive luxury models, but it cautioned that rising inflation could deter consumers from making additional purchases.

The Munich-based company claims to have increased its net profit from 2.6 billion euros to about 3.2 billion euros ($3.1 billion) between July and September last year.

However, car deliveries declined by about 1% during the same time period as the industry grapples with supply chain disruptions and the Covid lockdown in China.

Also Read: Collapsible Svitch LITE XE E cycle is released for 74,999 rupees

A "solid" third quarter, according to BMW, was made possible by "high prices" for its premium vehicles.

The company announced that it is on track to meet its full year earnings targets. Sales of fully electric vehicles should increase two-fold, despite the fact that overall sales volumes were predicted to be "slightly lower" than in 2021.

Also Read: First flight of Xpeng's two-ton eVTOL flying car is accomplished

CEO Oliver Gipsey said in a statement that "the market success of our fully electric models, in particular, means that we can look forward to the coming months with confidence."

The group issued a warning that consumer demand would slow in the coming months as many nations braced for a recession as Russia's war in Ukraine raised energy prices and central banks raised interest rates to fuel inflation. have been given.

Also Read: In October 2022, Kia sold over 23000 vehicles

According to BMW, "Consumer conditions are deteriorating due to high inflation rates and rise in interest rates, which will affect their purchasing behavior in the coming months."