The company said it was engaged in multi-level talks with U.S. policymakers and that its arguments for easing tariffs were being acknowledged.

BMW confirmed its full-year guidance and said it expects current tariff increases to be temporary with reductions to come in July, striking a more upbeat tone on its prospects than most peers.Several automakers either suspended their outlooks or added caveats to their annual targets,

BMW AG’s earnings plunged 23% in the first quarter as intense competition in China pushed sales in its biggest single market to a five-year low.