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Electric cars cause losses for BMW

2019-08-01T11:54:28.374Z

Munich, Germany - Munich-based BMW AG reported a second-quarter profit decline on pressure from the expansion of electric and hybrid vehicles. The company posted a pre-tax profit of 2.05 billion euros (2) 26 billion dollars), down by 28%



Munich - Munich-based German company BMW announced today that its second-quarter profit fell on pressure from the expansion of electric and hybrid vehicles.

The company posted a pre-tax profit of 2.05 billion euros ($ 2.26 billion), down 28 percent from the same period last year.

Research and development costs rose 6% to € 1.4 billion, while factory investments rose 39% to $ 1.2 billion, with the company preparing to produce both internal combustion engines, hybrid and exclusive electric vehicles.

The company explained that the rise in the production of electric cars contributed to the increase in operating costs. She also pointed out that the effects of exchange rates and the rise in the cost of raw materials caused a decline in profits.

The company's sales in China rose 3% to 25.7 billion euros, but operating profit fell to 1.48 billion euros, up 29% from the previous year.

"We are on track to achieve our goals for the year as a whole," said Harald Kruger, outgoing CEO.

Source: emara

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