BMW has announced that it remains on track to post record €3.3bn pre-tax profits this year, following a 2.5% rise in its first quarter net profits.
The German car maker said net profits were €523m ($633m) and pre-tax profits rose 2.5% to €851m. However, analysts had expected more.
The bulk of profits were made by BMW's finance division where pre-tax profits rose 23%, while income from car sales rose only 3.2%.
Though analysts were not overly surprised about the 3.2% car sales rise, since it had been widely expected that BMW's new model launches would weigh on the company's bottom line.