time to read 1 minutes

BMW and Mercedes have set the bar highINTL

BMW and Mercedes have set the bar high

German luxury carmakers BMW (BMW) and Mercedes-Benz (DAI.DE) reported record sales in the first quarter of 2021. Sales of BMW, Rolls-Royce, and Mini cars rose more than a third in Q1, while Mercedes car sales were up 16% from a year earlier.

As you know, Covid-19 restrictions meant the number of people driving dropped drastically, so vehicle sales were generally low in 2020. So, what drove the latest record revenues? Demand from China, actually! In BMW’s case, Q1 sales in China were up by 97.3% (coronavirus who?).

Both brands have also upped their efforts in the electric vehicle space, which has made a difference. Mercedes has already received 20,000 orders for their all-electric EQA compact, which contributed to its sales.

why it matters
Half of the world may still be struggling with the pandemic, but China’s industrial sector is well-oiled and ready to rock and roll. At this rate, China is steadily on its way to becoming the world’s largest economy.