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BMW profit up 18 percent on China, US

Booming sales in China and new versions of key models pushed automaker BMW AG’s earnings higher by 18 percent in the first quarter to (euro) 1.35 billion ($1.77 billion).

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Sales were flat in Europe where the economy is slack, but the Munich-based maker of luxury cars and SUVs saw a 36 percent jump in deliveries in China, where it now sells more vehicles than it does in the United States.

Revenue rose 14 percent to (euro) 18.29 billion, the company said Thursday.

Sales worldwide rose 11 percent to 425, 528. Top performers were new versions of the 1-series compact and the X3 smaller SUV. The larger X5 SUV and the large 7-series sedan, both of which reap fat profit margins, also saw better sales.

Sales in China outpaced those in the United States, 80,218 to 75,931. But deliveries in Europe, which is struggling with a slow economy and a crisis over too much government debt, only edged up 0.5 percent.

BMW makes cars under the BMW, Mini and Rolls-Royce brands. It also sells BMW and Husqvarna motorcycles.