German car manufacturer BMW made less profit in the first quarter despite a good run with expensive models and an increase in sales, the company reported on Wednesday.
BMW earnings before interest and taxes fell by around a quarter year-on-year to €4.05 billion ($4.35 billion), the company announced.
The model changeover of BMW's important 5 Series vehicle had a negative impact on the figures, as did the higher proportion of fully electric cars, which are less profitable to sell for the company.
The company's profit margin before interest and taxes in the car business, perhaps the most important key figure for investors, BMW lost 3.3 percentage points to 8.8% of sales.
Total sales for BMW and its brands remained roughly stable at €36.6 billion.
BWM sold 594,533 cars in the first three months, an increase of 1.1%.
On balance, BMW made a group profit of €2.95 billion, nearly a fifth less than a year earlier.
BMW chief executive Oliver Zipse confirmed the company's previous annual forecasts.