The German car market accelerated its growth in June.
After almost 20 percent in May, new passenger car registrations in June increased by almost a quarter compared to the same period last year to 280,139 units, as reported by the Federal Motor Transport Authority (KBA). In the first half of the year, growth was 12.8 percent to around 1.4 million.
With the exception of BMW, the German brands recorded growth in June. Market leader Volkswagen achieved an increase of 22.4 percent to 53,210 cars. The VW premium subsidiary Audi achieved a strong increase of 42.5 percent to 24,923 vehicles. Mercedes-Benz sold 25,207 units, an increase of 29.9 percent. At BMW, sales fell by 0.6 percent to 19,595.
52,988 electric cars were registered in June, 64.4 percent more than in the previous year. Their share was 18.9 percent. Electric car maker Tesla contributed 8,044 vehicles, up 176.6 percent. New registrations for combustion engines with petrol engines rose by almost 20 percent, and for diesels the increase was 10.3 percent.
Deutsche Bank Research raises target for BMW to 130 euros
Deutsche Bank Research has raised the price target for BMW from 120 to 130 euros and left the rating at “Buy”. The investment story appears fully intact, wrote analyst Tim Rokossa in a study available on Wednesday after a meeting with management ahead of the quarterly report. Rokossa expects decent results, albeit a slightly lower margin in the auto business. BMW remains his top favorite.
The VW preference share temporarily lost 0.84 percent to 122.48 in XETRA trading. Meanwhile, Mercedes papers remain at 72.86 euros (+ 0.15 percent). The BMW share certificates also increase by 0.23 percent to 112.08 euros.
FRANKFURT (Dow Jones / dpa-AFX)
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