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Spending on future tech eats into BMW quarterly profit

2018-08-02 09:43

Image: Supplied

Luxury automaker BMW says that net profit fell 6% in the second quarter as the company spent more on developing new technologies for electric, autonomous and digitally connected automobiles.

Profit came in at €2.08-billion, down from €2.22-billion in the year-earlier quarter. Revenues fell 2.9% to €25.02-billion.

The company said Thursday it spent €2.61 billion on research and development over the first six months of the year, up 13.6% from a year earlier. It underlined its push into electric vehicles, saying Thursday that it has sold 61 000 so far this year, an increase of 42%.

The company also took steps during the quarter to expand its lucrative business in China, agreeing to expand its joint venture with Brilliance Automotive.

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