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30th of April 2017

Economy



BMW profits boosted by Intel map investment - BBC News

BMW's first quarter profits rose more than expected after the value of its stake in the mapping service Here was boosted by an investment by Intel.

The German car giant reported pre-tax profits of 3bn euros (£2.5bn), a 27% jump from the same period in 2016.

BMW said the value of the stake in Here had risen by 183m euros.

The car manufacturer also cited improved earnings from its Chinese joint venture, BMW Brilliance Automotive, for its higher profits.

The US chip giant Intel said in January it would buy 15% of Here, which is co-owned by Audi, BMW and Daimler.

Here develops technology that feeds mapping information to autonomous and semi-autonomous cars.

It also makes digital products that provide information on the location of upcoming hazards, traffic, road signs and charging points for electric vehicles, as well as an alternative positioning system to GPS.

BMW is due to publish its detailed first-quarter results on 4 May.

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