BMW quarterly profit slides to 1.4b euros

Business | 7 Nov 2018 4:22 pm

Germany luxury automaker BMW says net profit fell by 24 percent in the third quarter as the company faced market disruptions caused by other companies failing to get vehicles certified for new European Union emissions tests.

The Munich-based automaker also said it was spending more to develop the electric and autonomous vehicle technologies that are expected to transform the industry.

BMW managed to get its cars certified under tougher new tests but Daimler and Volkswagen both had to sell off uncertified vehicles ahead of the September 1 deadline, leading to pressure on prices. BMW also faced headwinds from warranty actions and trade tensions.

Net profit announced today fell to 1.40 billion euros ) from 1.84 billion euros in the year-ago quarter. Revenues grew by 4.7 percent to 24.74 billion euros.-AP

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