BMW on track for record year

German luxury carmaker BMW is steering towards a successful year, after posting record figures for the second quarter on Tuesday.

The Munich-based company reported its best ever net profit of 1.95 billion euros ($2.2 billion), up from 1.74 billion in the same period last year.

Vehicle sales continued to grow in Europe and Asia, whereas they slumped in the US by around 10 percent.

But CEO Harald Krüger maintained the group was "on track" to meet its annual goals.

"We forecast slight increases, and hence new record figures, for sales volume and profit before tax," he said in a statement.

But he also warned that changes in the business environment could threaten the firm's success.

"We are all currently experiencing just how quickly and fundamentally things can change. Economic growth and political stability in the world certainly cannot be taken for granted.

Future focus

BMW has now hit its key profit margin target range of 8 to 10 percent for 25 consecutive quarters.

CFO Friedrich Eichiner presented this as evidence for the firm's long-term outlook and its focus on financial stability.

The company said it would use the earnings to bolster investments in new technologies, such as autonomous driving and electromobility.

The share of its electric vehicles in total sales was already on the rise, particularly in Sweden and the Netherlands.

mrk/hg (AFP, AP)