--
 
New Sasol GTC cars set for thrills

The iconic Grand Prix Circuit will present a new challenge to the GTC drivers as they tackle the country’s fastest racetrack on June 16.

Suzuki’s new Swift hatch and sedan in SA

Suzuki kicks off its new model assault with an all new Swift hatchback and standalone sedan called the Dzire.

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.

NEXT ON WHEELS24X
Read more on:    bmw  |  germany  |  industry news

There are new stories on the homepage. Click here to see them.