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BMW AG earnings jumped to beat expectations after higher vehicle prices and prioritizing money-spinning models like the $75,000 (¥8,560,000) X7 SUV helped the company offset output reductions due to the dearth of chips.

Group earnings before tax surged 50% to €2.9 billion (¥384 billion) in the third quarter, BMW said Wednesday, compared with an average analysts’ estimate of €2.5 billion. The chip supply woes that have hampered the entire industry will remain an issue beyond this year, it said.

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