BMW Q1 misses expectations on currency hit
[FRANKFURT] BMW's first-quarter operating profit missed expectations as currency headwinds and a lull in its product cycle offset record quarterly sales of luxury cars.
Earnings before interest and taxes (Ebit) fell 2.5 per cent to 2.46 billion euros (S$3.81 billion), below the 2.48 billion euros forecast in a Reuters poll.
The return on sales at BMW's automotive division narrowed to 9.4 per cent from 9.5 per cent a year earlier, financial results published on Tuesday showed.
BMW has seen sales momentum slow down in China, the world's biggest car market, as it prepares to launch new models like the long-wheelbase version of the X1 offroader.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter
AirAsia discloses new listing plans under RM6.8 billion units merger