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Last week BMW AG (BMWG) raised its full-year profit margin forecast to a range of 9.5% to 10.5% from a previous range of 7% to 9%, since higher prices for new and used vehicles overshadowed the effect of supply chain-related issues.

The auto maker also raised its return on equity forecast in its financial services division to 20%-23% from 17%-20% previously.

Additionally, the company projects free cash flow of nearly EUR 6.5 billion in its automobile division.

“Whilst the semiconductor supply restrictions are expected to further impact production and deliveries to customers in the coming months, BMW AG expects that the continuing positive pricing effects for both new and pre-owned vehicles will overcompensate these negative sales volume effects in the current financial year,” the German luxury car maker said in a statement.

BMW AG’s strong relations with its suppliers have made it possible for the company to remain less affected by the industrywide shortages than its competitors, many of whom had to halt production indefinitely at some of their facilities.

As of 7:07 GMT on Monday the shares of Bayerische Motoren Werke AG (BMWG) were retreating 0.68% (EUR 0.570) on the day to trade at EUR 83.025 in Frankfurt.

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