BMW CEO Reithofer is pleased with first-quarter results

BMW posted record results in the first quarter of 2011 and reaffirmed its goal of building more than 1.5 million new vehicles this year.

The German premium car maker said its profit before financial results soared to 1.9 billion euros in the first quarter from 449 million euros a year earlier and group net jumped four-fold to 1.2 billion euros from 324 million.

The group sold 382,758 BMWs, Minis and Rolls Royces during the quarter, up 21.3 pc from a year earlier.

Group CEO Norbert Reithofer was pleased with the first-quarter performance. "The BMW Group has made an excellent start to the new financial year," he said in a press release.  He attributed the strong result to the company's sales growth and to its resolve to stick to ist so-called "Number One" strategy.

In September, 2007, BMW laid out a plan to increase sales to more than 2 million a year and develop newand profitable areas of activities. It also committed itself to investing in future technologies, new vehicle concepts and drive systems

BMW Group revenues increased 28.9% to 16 billion euros in the first three months of the year from 12,44 billion euros a year earlier.

Reithofer said BMW is "well on ist way" to achieving its 2011 sales targets. Next to the group goal, he said he wanted unit sales records for each of the company's brands as well.