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BMW raises 2010 sales, earnings forecast

From Bloomberg| July 14 , 2010 16:05 BJT

Bayerische Motoren Werke AG, the world's largest luxury-car maker, raised its 2010 sales and earnings forecast on sales in China and demand for the new 5- Series sedan. BMW gained the most in more than 10 months.

BMW predicts sales this year to rise about 10 percent to more than 1.4 million cars and sport-utility vehicles, while the operating margin in the automotive unit will advance more than 5 percent, the Munich-based carmaker said in a statement today.

BMW, Daimler AG's Mercedes-Benz and Volkswagen AG's Audi have boosted sales this year on surging demand in China, the world's largest auto market, and a rebound in the U.S. and Europe. BMW, which also makes Mini and Rolls-Royce cars, said last month the new 5-Series was sold out in all markets.

"It's not just strong sales in China, it's also the delivery of new models and the effect of cost-cutting steps," said John Buckland, an analyst at MF Global UK Ltd. who recommends buying the stock. "The fact that they now see the automobile Ebit margin at 5 percent is very good news."

BMW rose as much as 7.9 percent to 41.96 euros in Frankfurt trading, the steepest advance since Sept. 9, 2009. The stock traded at 41.81 euros as of 1:16 p.m., valuing the carmaker at 26.7 billion euros ($33.6 billion).

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