German manufacturers BMW have revealed they expect profits to quadruple across world wide markets.
One of the reasons behind the prediction has been the popularity of the vehicle brand in China, the US and Europe. Sales in China for the first quarter are up a massive 71.6% with sales in North America and Europe up around 15-20%.
The announcement comes as Mercedes and Volvo both confirmed profits in western markets, giving hope that the recession might be over for the automotive sector.
The luxury market also seems to be recovering better than any other with Audi owners Volkswagen reporting that their profits have tripled in the recovering European market, in a quarter that is usually not seen as very profitable.
Car industry analyst Schuldt said: “So far, all the companies have reported quite good figures.
“China continues to play an important role, especially for the premium manufacturers because it is so profitable.”
The US however still remain BMW’s biggest market, selling 65,000 vehicles since January 2011 although China is catching up with 58,700 sales for the same period.
Experts have said they think one of the reasons behind the sustainability of brands such as BMW and Mercedes lies in mix of models available from luxury saloons to SUV’s there’s is something for everyone.