Profits at BMW climb with the help of an investment by Intel
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BMW’s first quarter profits managed to rise better than expected, this is due to the value of its stake in the mapping service Here being boosted by an investment by Intel.
The firm’s pre-tax profits sat at 3bn euros (£2.5bn), this is a huge 27 per cent jump from the same period in 2016.
The value of its stake in Here managed to rise by 183m euros.
Intel said in January that it would buy a 15 per cent stake in Here, it’s also co-owned by Audi, BMW and Daimler.
Here currently develops technology that feeds mapping information to autonomous and semi-autonomous vehicles.