The recession may have hurt automakers over the past few years, but one company that didn't feel the sting quite so much is BMW. All automakers are seeing their profits on the rise after being hurt by the economic downturn, but BMW seems to have bounced back to a spot even higher than they were before.
The German automaker reported record profits of $9.72 billion last year, but it doesn't appear to be a fluke. The manufacturer recently predicted it would eclipse that mark in 2012 and deliver even greater profits this year, according to Bloomberg.
"We are targeting new highs in sales volume and pretax earnings for 2012," CEO Norbert Reithofer told the news source. "We are off to a promising start."
BMW is looking to expand its business in Brazil and China, two emerging markets that have caught the attention of automakers around the world. The company is also planning to introduce a revamped version of its most popular car, the 3-Series, sometime this year.
Last year, BMW overtook Lexus to become the best-selling luxury automaker in the world, narrowly beating its chief rival Mercedes-Benz in total sales.
Drivers who have a luxury vehicle or any other car in their garage should be sure to take proper care of it with regular auto maintenance.