On Thursday, Bayerische Motoren Werke AG (BMW) posted an increase in Q3 quarter income and sales. The German car manufacturer reported earnings before interest and taxes for the quarter of 3.68B euros (USD 3.59B), marking an increase of 27.7 per cent.

On the other hand, revenues jumped to just under 37.18B euros. It is to be noted that analysts had predicted a quarterly core profit of 3.6B euros.

The company said that an uptick in pricing for new and used vehciles helped fuel automaker’s performance during the quarter. Reportedly, deliveries of electric cars doubled versus the previous year to over 128000 units.

However, the number of total vehicles shipped to customers dropped marginally due to the fact that the company struggled with supply chain disruptions in the period. However, the company still reiterated its guidance for full-year core earnings margin of 7 per cent to 9 per cent at its major automobile segment.

On Thursday, shares of BMW dropped in early European trading.