BMW earnings drop 25% as Chinese competition and tariffs bite
BMW has reported a 25 per cent fall in earnings as it adjusts to new global tariffs and stiff competition in the Chinese market.
However, the carmaker maintained its full-year forecast that profits would broadly match last year's, saying it anticipated some global tariffs would be rolled back from July.
The company said on Wednesday that its earnings before tax in the first quarter reached €3.1 billion – 25 per cent down on the same period last year.
It added that the EU's anti-subsidy tariff on Chinese imports of electric vehicles had hit earnings by a 'low three-digit million' range: it imports some of the cars it sells in Europe from China.
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Adjusted for currency fluctuations, revenues fell 9 per cent to €33.8 billion, which the company mainly attributed to an increasingly competitive Chinese market. – Copyright The Financial Times Limited
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