Tags: EU | BMW | Earns

Spending on Future Tech Eats into BMW Quarterly Profit

Spending on Future Tech Eats into BMW Quarterly Profit

Thursday, 02 August 2018 02:38 AM

FRANKFURT, Germany (AP) — Luxury carmaker BMW says that net profit fell 6 percent in the second quarter as the company spent more on developing new technologies for electric, autonomous and digitally connected automobiles.

Profit came in at 2.08 billion ($2.42 billion), down from 2.22 billion in the year-earlier quarter. Revenues fell 2.9 percent to 25.02 billion euros.

The company said Thursday it spent 2.61 billion euros on research and development over the first six months of the year, up 13.6 percent from a year earlier. It underlined its push into electric vehicles, saying Thursday that it has sold 61,000 so far this year, an increase of 42 percent.

The company also took steps during the quarter to expand its lucrative business in China, agreeing to expand its joint venture with Brilliance Automotive.

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Luxury carmaker BMW says that net profit fell 6 percent in the second quarter as the company spent more on developing new technologies for electric, autonomous and digitally connected automobiles.Profit came in at 2.08 billion ($2.42 billion), down from 2.22 billion in the...
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2018-38-02
Thursday, 02 August 2018 02:38 AM
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