Mexican Media Brands
BMW Earnings Slip 3% to $1.7 Billion
BMW AG's net profit fell to €1.3 billion ($1.7 billion) in the January-March period of 2013 from €1.4 billion ($1.8 billion) a year earlier.
#economics
Share
BMW AG's net profit fell to €1.3 billion ($1.7 billion) in the January-March period of 2013 from €1.4 billion ($1.8 billion) a year earlier.
The company attributes the quarterly decline to heavy spending on new technologies, higher labor costs and weak European vehicle demand.
Revenue shrank 4% to €17.5 billion ($22.9 billion) in the first quarter despite a 5% increase in worldwide sales of BMW, Mini and Rolls-Royce vehicles to 448,200 units. BMW brand volume rose 7% to a first-quarter record of 381,400 vehicles.
Group earnings before interest and taxes slid 5% to €2 billion ($2.6 billion). Automotive EBIT dropped 16% to €1.6 billion ($2.1 billion), for a 9.9% return on sales compared with 11.6% in the first quarter of 2012.
RELATED CONTENT
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
Achieving Efficiency?
A look at on-road fuel economy changes over 92 years.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.