Salem Radio Network News Monday, August 15, 2022

Business

BMW sees earnings margin drop amid China JV consolidation

BERLIN (Reuters) – BMW saw a drop in its automotive margin on earnings before interest and taxes to 8.2% from 15.8% last year as the consolidation of its Chinese joint venture BMW Brilliance dampened earnings, it said on Wednesday.

The carmaker reported a group net profit of 3.05 billion euros ($3.10 billion) from 4.8 billion euros last year.

It confirmed its outlook of 7-9% for the automotive segment but said it expects full-year deliveries to be slightly below last year.

($1 = 0.9823 euros)

(Reporting by Victoria Waldersee)

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