BMW quarterly profit drops sharply, misses forecasts

BERLIN, Nov. 6 (Xinhua) — BMW’s third-quarter net profit fell 83.8 percent to 476 million euros (514.08 million U.S. dollars), driven by brake system issues from supplier Continental and weak demand, the automaker announced on Wednesday.
The automotive margin, a key metric for BMW, fell from nearly 10 percent last year to just 2.3 percent, prompting a more than 4 percent decline in BMW shares in early trading.
BMW CEO Oliver Zipse described “exceptional burdens” during the quarter, with brake defects halting some deliveries. Despite this, BMW aims to clear stock in Q4 and maintains its revised annual forecast. (1 euro = 1.08 U.S. dollar) ■