BMW quintuples Q1 profit after booming sales in China

German luxury carmaker BMW's first quarter (Q1) 2021 net profits totaled 2.8 billion euros (3.4 billion U.S. dollars), more than four times the amount -- 574 million euros - registered in the first quarter of last year, the company said on Friday.

According to BMW, the "greatly improved level of revenues and earnings" was driven by a combination of higher sales volume figures across all regions of the world, particularly in China.

The BMW Group's total revenues grew 15.2 percent to more than 26.7 billion euros. Worldwide sales of the company's core brand totaled 560,543 vehicles, growing by more than a third year-on-year.

"The first quarter shows that our global business model is a successful one, even in times of crisis. We remain firmly on track for continued sustainable, profitable growth," said Oliver Zipse, chairman of BMW AG's Board of Management.

BMW reported a new all-time sales record in Asia with almost 290,000 vehicles delivered. The company's largest single market, China, was the biggest contributor to this development by far with year-on-year sales nearly doubling in Q1 to 230,193 units.

Despite the adverse effects of the coronavirus pandemic, BMW's sales in Europe grew 8.1 percent and reached almost 240,000 units. Sales in the carmaker's domestic market Germany, however, declined five percent year-on-year.