BMW Group sales reached 557,605 in Q1 2016, the highest total for the quarter the German manufacturer has ever recorded, and 5.9% above Q1 2015’s figure.

Despite this growth, revenues slipped 0.3% to €20,853m (£16,440m), which BMW said was due to unfavourable currency factors. Overall profits before tax fell 2.5% to €2,457m.

The majority of BMW Group’s revenue came from the automotive segment, which generated €18,814m in revenue.

The Financial Services segment’s revenue for the first three months of the year fell slightly year-on-year, from €6,058m in Q1 2015 to €6,032m in Q1 2016. Profit before tax increased 2.0% to €570m in the same period.

While the financial performance remained fairly flat, the actual number of contracts saw more notable growth. 413,372 new contracts were signed in conjunction with financing and leasing business in Q1 2016, up from 384,565 in the same period 2015.

The total number of lease and financing contracts grew 8.3% to 4,786,441 contacts by the end of Q1 2016.