BMW’s deliveries increased by 6% for cars (to 557,605) and by 8% (to 33,788) for motorcycles. However, as both ASPs fell (-6% to €33,741 for cars and -5% to €17,225 for motorcycles), the group’s revenue number of €20.85bn (-0.3%) was short of our expectation (€22bn). This is also true for the profit numbers. EBIT fell by 2.5% to €2.46bn but net profit was up by 8% to €1.64bn. These latter numbers are some €100m and €200m, respectively, short
