German carmakers posted strong gains in the first quarter of 2023, thanks to strong demand for luxury cars, and quarterly corporate profits topped 17.457 billion euros ($19.26 billion). It saw a significant improvement in sales, the easing of corona restrictions and an increase in consumer spending, especially in China.

Mercedes-Benz reported a 12% rise in profit for the first three months of 2023 to 4 billion euros ($4.39 billion). The company’s sales rose 3% in the first quarter of 2023, but thanks to the good trajectory of luxury cars, sales rose 8% to 37 billion euros ($40.63 billion).

As for BMW, its profit in the first quarter of the year rose 58.5% year-on-year to 5.38 billion euros ($5.96 billion) compared to the same period in 2022.

Volkswagen’s profit fell in the first quarter due to weak sales in China, the company said. Operating profit fell 31% to 5.7 billion euros ($6.3 billion) in the first three months of 2023, down from 8.3 billion euros compared to the same period in 2022.

Ferrari’s first-quarter core profit beats expectations, rises 27%; The Italian luxury sports car maker said on Thursday that demand for its cars has extended for the next two years.

Adjusted earnings before interest, tax and depreciation (EBITDA) for the three months to 2023 came in at 508 million euros, beating analysts’ expectations of 537 million euros ($594 million), according to a Reuters poll. Ferrari’s revenue rose 20% year-on-year to 1.43 billion euros (from 1.19 billion euros) in the first quarter of 2022, beating the average analyst estimate of 1.39 billion euros.

Luxury car maker “Porsche” profits increase in first quarter 2023; Despite the slowdown in the global economy, the sector has continued to generate strong profits.

The company reported an increase in operating profit to 1.84 billion euros ($2.03 billion), a 25% increase, while revenue rose to 10.1 billion euros in the first quarter.

“Boers plans to increase prices of new models in the US and Europe by 4% to 8% in the second half of the year,” said Chief Financial Officer Lutz Mischke.