From Investing.com: 2024-05-08 02:10:31

BMW anticipates a drop in pre-tax profit this year due to increased R&D, manufacturing, and personnel costs. Used car prices also expected to contribute to decline. Q1 profit margin in automotive segment fell to 8.8% from 12.1% a year earlier. First-quarter revenue slightly down despite 1.1% increase in car sales.

BMW is heavily investing in electric vehicles and model revamps, with record spending expected this year. Q1 group pre-tax profit down 18.9% to 4.1 billion euros but beat analyst expectations. Sales of fully electric cars rose 28% to 83,000 vehicles in the quarter. BMW, Mercedes Benz, and Porsche all ramping up spending to compete in EV market.



Read more at Investing.com: BMW says costs, low used car prices to weigh on 2024 pre-tax profit By Reuters