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BMW says it will meet its 2001 financial targets

BMW says the economic impact of the September 11 terrorist attacks in the US is 'manageable' and it will meet its financial targets for the 2001 financial year.

Today the company has published its third quarter results which show global unit sales of vehicles increased in the period by 8.2% to 16,001 against the same period in 2000, with 207,321 vehicles delivered to customers. In addition 4,674 Minis have been sold during the quarter, since its launch in July.

Total sales were 8.2 billion euros (£5.1 billion), an increase of 9.8% year-on-year. For the year-to-date, group sales increased by 7.1% to 28.2 billion euros (£17.4 billion). Profit in the third quarter was 567m euros (£349m), down 29m euros (£17.9m) against the same period last year. As a result of the the September 11 events, BMW says, it recorded 'impairment losses' of 30m euros (£18.5m) on its share portfolio. The group was able to increase its profit from ordinary activities during the first three-quarters of 2001 to 2.3 billion euros (£1.4 billion), a rise of 72.4% year-on-year.

A statement from the company reads: “The economic effect of the terrorist attacks will be manageable for the BMW Group. Business is expected to continue to progress positively in the fourth quarter of 2001, with sales volume forecast at over 900,000 BMW and Mini vehicles for the full year. This represents a sales volume increase of over 9% compared to the previous year.

“The BMW Group will continue to achieve sales growth, both in volume and absolute terms, by means of a continued product and market offensive. The planned launch of some 20 new models and three engine ranges in the next few years will result in sustained sales volume growth.”

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