BMW say recovery not yet in sight
BMW say recovery not yet in sight
Tuesday 4th August 2009
Car manufacturer BMW has said the motor trade is not yet witnessing signs of a recovery.Net profit was £103 million, down 76 per cent from a year ago, with car sales down 20 per cent, for the second quarter of 2009.
However, the manufacturer said "several new models are being launched over the course of the year which will help to boost the sales volume performance".
Overall revenue fell by 10.9 per cent, with an 18.1 per cent in the number of cars sold in comparison to the same period last year.
BMW chairman Norbert Reithofer said: "Despite some tentative positive signals, a lasting and wide-ranging recovery is not yet in sight."
BMW also announced this week it would quit racing in Formula One from the end of the season.
Mr Reithofer added: "We are pooling technical and financial resources in the areas of sustainability and the development of new technologies.
"The BMW Group is the world’s leading premium manufacturer in the automobile industry and, in our opinion, 'premium' should lead by example. From our perspective, this creates a special accountability for the company, its products, its social commitment and the premium business model that we pursue."
Related News
UBS record £790 million quarterly loss - 04/08/09
UBS have reported losses of £790 million for the last quarter, although this is slightly improved on figures for the first quarter of the year
UBS have reported losses of £790 million for the last quarter, although this is slightly improved on figures for the first quarter of the year
Northern Rock reports £724.2 million loss - 04/08/09
Northern Rock, the government-owned bank, has reported half-year losses of £724
Northern Rock, the government-owned bank, has reported half-year losses of £724
FTSE 100 pulled back - 04/08/09
The FTSE 100 was down a touch in early trading as defensive stocks dragged traders' enthusiasm, taking the index 0
The FTSE 100 was down a touch in early trading as defensive stocks dragged traders' enthusiasm, taking the index 0
31 million shoppers choose own brands - 04/08/09
The number of people buying own brands in supermarkets has tripled in the last year, according to research
The number of people buying own brands in supermarkets has tripled in the last year, according to research
News Article Search
Quick Apply
News Archive