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Yahoo
11 minutes ago
- Yahoo
BMW's half year profit falls 29% amid tariffs and China challenges
BMW reported a sharp drop in first-half profits on Thursday, weighed down by US tariffs, currency headwinds from the dollar and challenging business conditions in China. The Munich-based automaker posted a profit after tax of €4 billion ($4.6 billion), down 29% from the same period last year and marking the third consecutive first-half decline for the company. Switch Auto Insurance and Save Today! The Insurance Savings You Expect Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service Despite the setback, BMW's profit fall was less severe than that of some German rivals. Volkswagen and its Audi unit each lost more than a third of their earnings, while Mercedes-Benz's profit dropped by more than half. BMW did not disclose the exact cost of US tariffs for the first half. However, it expects tariff-related costs — including a 31% duty on its electric Minis imported from China to the EU — to reduce its automotive segment margin by about 1.25 percentage points this year, potentially costing the company a figure in the billions. Rival Audi recently estimated its own tariff burden at around €600 million. BMW, by contrast, operates a US plant that builds roughly half of the vehicles it sells in the country. Another 200,000 vehicles are exported to other markets. CFO: US footprint helps limiting tariff impact "Even despite higher tariffs, the BMW Group's business model remains intact," chief financial officer Walter Mertl said. "Our footprint in the US is helping us limit the impact of tariffs," he added. The company could benefit if tariffs on US car exports to Europe are lowered from 10% to zero, as currently being discussed. But that would fall well short of offsetting the 15% US tariffs on cars shipped from Europe. Despite these challenges and intense competition in China, especially in the electric vehicle segment, BMW maintains its full-year guidance, targeting a pre-tax profit roughly on par with last year's €11 billion. With €5.7 billion in pre-tax profit already booked in the first half, the company is on track to meet this goal. Earlier this month, BMW's sales figures had already suggested the company might weather the downturn better than its rivals. Unlike Mercedes and Audi, BMW's deliveries held nearly steady at just over 1.2 million vehicles in the first half. However, revenue fell 8% to €67.7 billion, the company said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
12 minutes ago
- Business Wire
GTJAI Successfully Issued the First Publicly Offered Digital Bond of a Chinese Securities Firm
HONG KONG--(BUSINESS WIRE)--Recently, Guotai Junan International Holdings Limited ('GTJAI' or the 'Company', stock code: a company of Guotai Haitong Group, successfully issued its first digitally native bond. This bond, the first digital bond via public offering issued by a Chinese securities firm, was structured as a direct issue, denominated in U.S. dollars, with an amount of no more than US$300 million and a maturity of 3 years. GTJAI acted as left lead joint global coordinator and B&D bank for this issuance, using HSBC Orion 1 as the digital assets platform. Digital bonds are bonds issued using blockchain or decentralized ledger technology (DLT). Their core features are digitization, programmability, and automated execution, which provide greater transparency, reducing costs and risks of settlement failures. In recent years, GTJAI has been making breakthroughs in the field of financial innovation and has actively led the innovative development of digital finance and digital asset business, of which the issue of digital bonds is one of the important initiatives in its deployment of blockchain technology and digitalized finance. In the first half of 2025, the Company submitted its digital bond business plan and received confirmation from the Hong Kong Securities and Futures Commission that it had no further questions on the plan and formally commenced its digital bond issue business. Mr. Zhang Xueming, Chief Financial Officer of GTJAI, said, 'Successfully issuing the first publicly offered digital bond of a Chinese brokerage firm is a testament to our unwavering commitment to financial innovation and a showcase of our professional capabilities in digital finance and contribution to promoting digital assets. This transaction not only enhances operational efficiency and transparency for our clients and investors but also solidifies GTJAI's leadership in pioneering next-generation capital market solutions.' Mr. John O'Neill, Group Head of Digital Assets & Currencies at HSBC, said, 'We are pleased to support GTJAI in the first digital bond issuance by a Chinese brokerage firm in Hong Kong. This transaction demonstrates the capabilities of HSBC Orion to enable both a broader range of digital bonds and issuers. At HSBC, we are committed to building liquidity in digital fixed income, and see more corporations and financial institutions recognising the benefits of digital assets.' The Company will also take this issue as an opportunity to further explore innovative directions such as cross-border digital asset circulation and the digitization of green finance, with a view to providing more digital solutions to the global financial market and contributing to the intelligent transformation and sustainable development of the international financial system. About GTJAI Guotai Junan International ('GTJAI', Stock Code: a company of Guotai Haitong Group, is the market leader and first mover for internationalization of Chinese Securities Company as well as the first Chinese securities broker listed on the Main Board of The Hong Kong Stock Exchange through initial public offering. Based in Hong Kong with subsidiaries in Singapore, Vietnam and Macau, GTJAI's business covers major markets around the world, offering high-quality and diversified comprehensive financial services for clients' overseas asset allocation. Core business includes brokerage, corporate finance, asset management, loans and financing, financial products, which cover three dimensions including individual finance (wealth management), institutional finance (institutional investor services and corporate finance) and investment management. GTJAI has been assigned 'Baa2' and 'BBB+' long term issuer rating from Moody and Standard & Poor respectively, as well as an MSCI ESG 'A' rating, Wind ESG 'A' rating and SynTao Green Finance 'A' rating in ESG. Additionally, its S&P Global ESG score leads 84% of its global peers. The controlling shareholder, Guotai Haitong Securities (Stock Code: is the comprehensive financial provider with a long-term, sustainable and overall leading position in the China's capital markets. For more information about GTJAI, please visit
CNBC
13 minutes ago
- CNBC
CATL is gaining market share in Europe as US shipments fall: Strategist
Bernstein's Neil Beveridge assesses CATL's latest earnings, and how the battery-maker is affected by macro factors like the US-China trade war, and China's EV price wars. He also talks about how CATL compares with South Korea's increasing presence in the global EV industry.
