New SUV models boost BMW profits despite technology costs

Automaker BMW reports that net profit increased 11.5 percent from a year ago, to 1.55 billion euros ($1.72 billion) in the third quarter, helped by a rejuvenated model line and the absence of last year’s market disruptions due to troubles with diesel cars.

Revenues grew 7.9 percent to 26.67 billion euros and the company reaffirmed its profit targets for the year.

The Munich-based company on Wednesday cited sharp increases in sales of its X3 and X4 sport-utility vehicles during the first nine months. Profits rose despite higher spending on new tech such as electric cars.

BMW earnings took a hit in the third quarter of 2018 amid market disruptions due to other automakers failing to get diesel cars certified in time under new emissions rules, leading to price and supply distortions.

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