BMW profits rise on sales of 7-Series, SUVs

Frankfurt, Germany: Germany luxury carmaker BMW says net profit for the second quarter rose 11 percent to 1.949 billion euros ($2.182 billion) thanks to strong sales of its large 7-Series sedan and X-Series sport-utility vehicles.

The results improved on the year-earlier figure of 1.749 billion euros. The key profit margin figure came in at 9.5 percent, an improvement on last year's 8.4 percent and in the upper end of the company's target range of 8-10 percent.

Chief financial officer Friedrich Eichiner said Tuesday that the company had achieved its margin target now for 25 straight quarters, which "shows that we do not only focus on short-term results." The company said strong profits are the key to investing in new technologies such as automated driving and electric vehicles.