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Strong demand for new executive saloon helps BMW record strong profits in 2010's second quarter

BMW posted strong profits in the second quarter of 2010, boosted by sales of its new 5-series saloon, record demand in China and recovery in the US.

The 834 million euro profit (£690m) between April and June was up from the 121m euro (£100m) BMW made in the same period last year. The profits were BMW’s biggest for two and a half years.

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The results follow BMW’s decision last month to raise its sales forecast for 2010 by 10 per cent to more than 1.4m units. CEO Norbert Reithofer said BMW expected significantly higher growth in 2010 than 2009.

BMW has sold 25,000 5-series units since its launch in March, while there was also strong demand for the new X1.

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BMW Group’s unit sales in the quarter were up 12.5 per cent. Sales in the quarter in Asia were up 59.4 per cent year-on-year to just under 70,000 units; China and Taiwan accounted for more than 45,000 units, a record in the markets.

“Sharp sales volume growth on major markets and a high-value model mix are the main reasons for the strong second-quarter performance," said Reithofer.

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