While major carmakers scramble to adjust their outlooks in the face of rising trade tensions, BMW AG (ETR:BMW) is holding its course.
The German manufacturer has kept its profit forecast for the year unchanged, even as first-quarter earnings fell by 25% and it faced mounting pressure from tariffs and a slowing Chinese market.
The stance sets it apart from competitors Ford, General Motors and Stellantis, the maker of Fiat and Chrysler, all of which have shelved their guidance amid uncertainty linked to Donald Trump’s proposed tariffs.
BMW reported pre-tax earnings of €3.1bn for the three months to March, down from the same period last year.
Revenues, adjusted for currency effects, dropped 9 per cent to €33.8bn.
The company said European Union tariffs on Chinese-made electric vehicles had dented earnings by a “low three-digit million” euro amount.
Despite the hit, BMW pointed to an expected easing of global trade barriers from July and reaffirmed its view that annual profits would broadly match those of 2024.