BMW: Redesigned X3 coming in May, X4 in July at Greer plant

Greenville NewsMay 7, 2014 

The new BMW X4

S.C. DEPARTMENT OF COMMERCE

— BMW chairman Norbert Reithofer said Tuesday the company plans to roll out the updated X3 sports activity vehicle this month, followed by the new X4 sports activity coupe in July.

Both are under production at BMW Manufacturing Co. in Greer, the German automaker’s only assembly plant in the United States, and the rollout dates had not been previously announced, according to Kenn Sparks, spokesman for BMW of North America.

Reithofer made the announcement as BMW released first-quarter financials, a rosy report that showed an earnings rise of 11 percent that beat analysts’ expectations.

The Munich company said its earnings climbed to 1.46 billion euros ($2.03 billion) for the January-through-March period, compared with earnings of 1.31 billion euros for the same quarter in 2013.

The consensus forecast by analyists covering BMW was 1.35 billion euros, according to FactSet, a financial information provider.

BMW said its profits rose from “increasingly friendly market conditions in the first quarter of 2014, particularly in Europe.”

The company said sales were robust for its bread-and-butter models — the 3 Series and 5 Series sedans — as well as the third generation of the X5 sports activity vehicle made in the Upstate, which hit dealer showrooms last fall.

Revenues climbed 3.9 percent to 18.24 billion euros. By region, BMW said its sales volume was up 21 percent in Asia (25 percent in China), and up 2.7 percent in the United States, which the company said was impacted by an unusually cold and stormy winter. European sales were perhaps the biggest surprise, up 3.4 percent.

Reithofer said the company was reaffirming its outlook for the year and expects to top 2 million in unit sales this year, after hitting 1.96 million in 2013.

He mentioned the company’s expansion plans for the Upstate plant, announced in March, that call for production capacity to top 450,000 units by 2016 with a $1 billion investment and the addition of the X7.

The X vehicles continue “to be a huge success,” he said. Staff writer BMW chairman Norbert Reithofer said Tuesday the company plans to roll out the updated X3 sports activity vehicle this month, followed by the new X4 sports activity coupe in July.

Both are under production at BMW Manufacturing Co. in Greer, the German automaker’s only assembly plant in the United States, and the rollout dates had not been previously announced, according to Kenn Sparks, spokesman for BMW of North America.

Reithofer made the announcement as BMW released first-quarter financials, a rosy report that showed an earnings rise of 11 percent that beat analysts’ expectations.

The Munich company said its earnings climbed to 1.46 billion euros ($2.03 billion) for the January-through-March period, compared with earnings of 1.31 billion euros for the same quarter in 2013.

The consensus forecast by analyists covering BMW was 1.35 billion euros, according to FactSet, a financial information provider.

BMW said its profits rose from “increasingly friendly market conditions in the first quarter of 2014, particularly in Europe.”

The company said sales were robust for its bread-and-butter models — the 3 Series and 5 Series sedans — as well as the third generation of the X5 sports activity vehicle made in the Upstate, which hit dealer showrooms last fall.

Revenues climbed 3.9 percent to 18.24 billion euros. By region, BMW said its sales volume was up 21 percent in Asia (25 percent in China), and up 2.7 percent in the United States, which the company said was impacted by an unusually cold and stormy winter. European sales were perhaps the biggest surprise, up 3.4 percent.

Reithofer said the company was reaffirming its outlook for the year and expects to top 2 million in unit sales this year, after hitting 1.96 million in 2013.

He mentioned the company’s expansion plans for the Upstate plant, announced in March, that call for production capacity to top 450,000 units by 2016 with a $1 billion investment and the addition of the X7.

The X vehicles continue “to be a huge success,” he said.

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