BMW Group said its profit before tax rose 26.9% to €3.005 billion on revenue up 12.4% to €23.448 billion in its first quarter of the financial year 2017, helped by its Chinese joint venture and a revaluation of its stake in mapping service HERE.

BMW said the increase in profit before tax was boosted by “a positive valuation effect of €183 million in connection with the participation of new investors in the mapping service HERE.”

It said it was also helped by a higher profit contribution from its Chinese joint venture BMW Brilliance Automotive Ltd.

Looking ahead, the company said: “The BMW Group continues to target a slight increase in group profit before tax and an EBIT margin in the automotive segment within the range of 8 to 10% for the financial year 2017.”