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The cars the SA government is buying

"We often complain that government has ridiculous vehicle purchasing habits but the data tells us that expenditure on cars is being curbed."

WATCH: Best save ever?

South African Moto2 rider Steven Odendaal pulled off one of the greatest 'saves' in motorsport at the Czech GP.

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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