BMW Group's 3rd Quarter Net Profits Fall 63%
Reflecting the global economic turmoil, the BMW Group that includes the BMW, MINI and Rolls Royce brands posted a 63 percent drop in third quarter profits. The Munich-based company said that pre-tax profits for the July-September period fell 63.5% to €279 million from €765 million a year ago. The total number of BMW, MINI and Rolls-Royce brand vehicles delivered to customers during the same period decreased by 4.2% to 349,098 units compared to 364,564 units a year ago. Sales of BMW cars went down by 5.3% to 290,661 units while MINI registered a 1.4% sales volume increase to 58,105 units and Rolls-Royce achieved a significant sales volume, with 332 units versus 285 units in the third quarter of 2007.As a result of the weak state of the global economy the BMW Group said that it will not produce the highly anticipated CS Sports Sedan and that it will bring production volumes into line with market demand. In addition to the 25,000 units already announced, the Bavarian company will cut back production for the year by at least a further 40,000 units compared to the original forecasts.
"The financial crisis is by no means behind us yet, particularly its impact on the real economy in 2009. The automobile industry is without doubt facing some extreme challenges. However, we need to look at the opportunities such times may bring us. As a strong and innovative company, the BMW Group will overcome the current difficult situation, putting it into an excellent starting position for the future", stated Norbert Reithofer, Chairman of the Board of Management of BMW AG in Munich on Tuesday..
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