BMW Struggles to Offset Drag From Technology Outlay, Currencies
- First quarter revenue, group profit falls on yuan, ruble drag
- BMW sees high-end models support profits amid electric rollout
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BMW AG first-quarter profit failed to offset the hit from currency moves and higher spending on technology and new models, set to reach a record 7 billion euros ($8.4 billion) this year.
Currencies, namely the yuan and ruble, pulled down sales by 5.1 percent to 22.7 billion euros in the period, BMW said Friday in a statement, mirroring reports by German rivals Daimler AG and Volkswagen AG last week that highlighted the fallout from a strengthening euro. The company expects currency and raw materials headwinds in a mid-to-high three-digit million amount for the year.