By David Sachs

BMW on Thursday reported a lower net profit with higher group revenue in the second quarter and said that group earnings before tax will decrease significantly this year.

The German car company said net profit fell to 2.96 billion euros ($3.24 billion) from EUR3.05 billion in the second quarter of last year when it saw one-time effects from the full consolidation of its Brilliance Auto joint venture.

Revenue was EUR37.22 billion compared with EUR34.77 billion, the company said. Fully-electric vehicles drove growth, with sales more than doubling on year in the first half, BMW said.

Earnings before interest and taxes grew to EUR4.38 billion from EUR3.43 billion.

Looking ahead, BMW guided for group earnings before tax that will decrease significantly. It said it now expects "solid" vehicle sales in 2023, up from a "slight" increase over 2022, driven in part by new model offerings.

The company previously upgraded other parts of its guidance on Tuesday.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

August 03, 2023 02:20 ET (06:20 GMT)

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