BMW shares rose on Thursday after an upbeat report that helped boost investor confidence in the German automaker’s turnaround efforts.
The company posted a second straight quarter of sales growth in November, helping the BMW Group to post a profit of 1.35 trillion euros ($1.73 trillion) for the three months ended Dec. 31.
That was nearly six times bigger than the profit of BMW Group Plc, which reported a profit for the same period of $1.1 billion.
BMW also posted a positive return on equity, posting a 1.29% gain for the full year.
Investors are still looking for more positive signs from BMW as it faces a number of regulatory hurdles to bring back its long-delayed autonomous driving system, or AVs, that were rolled out to vehicles in 2019.
The system has been subject to an independent audit by regulators, but some automakers have complained it is too expensive for the average consumer.
The latest BMW report showed the company recorded the strongest fourth-quarter profit since March 2020, when the automaker recorded a loss of 8.5 billion euros ($9.4 billion).
The profit came even as the company struggled to deliver the promised EV fleet for 2021 and beyond.