BMW drives back to profit but warns of continuing fallout from industry chip shortages        

Chief financial officer Nicolas Peter said BMW was able to offset the challenges of the chip shortage through 'sheer hard work' but added 'the longer the supply bottlenecks last, the more tense the situation is likely to become'

BMW chief executive Oliver Zipse said: 'In light of a number of prevailing risks, including raw materials prices and a shortage of semiconductors, the second six-month period is likely to be more volatile for the BMW Group.'

BMW raised its 2021 profit forecast after strong quarterly results, but said the global semiconductor chip shortage and rising raw materials prices would hurt its performance in the second half of the year.

BMW has been less affected by the chip shortage than some of its peers, which has been attributed to its strong relations with its suppliers.