Associated Press
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In this Wednesday, March 21, 2018 photo the logo of German car manufacturer BMW is pictured at the headquarters in Munich, Germany. (AP Photo/Matthias Schrader, file)

FRANKFURT, Germany (AP) — German automaker BMW AG saw first-quarter net profit rise slightly from an already high level as sales of its 5-Series sedan and X1 sport-utility logged double-digit increases.

Net profit rose 1.2 percent to a record 2.301 billion euros ($2.757 billion) from 2.274 billion euros in the same quarter a year ago. Revenues for the Munich-based automaker fell 5 percent to 22.7 billion euros, mostly due to shifting currency exchange rates.

The company increased its profit margin based on earnings before interest and taxes, a key earnings metric, to 9.7 percent up from 9.4 percent.

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BMW is counting on continued strong profits to fund investment in new technologies such as autonomous and electric vehicles. CEO Harald Krueger said in a statement Friday that “we are combining tomorrow’s mobility with sustainable profitability.”