The Q3 23 results were 8% above expectations on the bottom line and 17% above on the Automotive FCF line as the Automotive margin exceeded expectations at 9.8%. The company also reiterated its guidance as expected. Following Mercedes-Benz’s disappointing Q3 23 on the margin topic, the fact that the BMW report does not mention any worries on BEV prices or concerns on the financial services side looks reassuring. The H2 23 jump in costs and investment is still expected but will likely be skewed to ....
