{"id":54805,"date":"2024-08-01T19:01:55","date_gmt":"2024-08-01T09:01:55","guid":{"rendered":"https:\/\/abnews.com.au\/?p=54805"},"modified":"2024-08-01T19:01:55","modified_gmt":"2024-08-01T09:01:55","slug":"bmw-profits-slip-on-weaker-china-sales","status":"publish","type":"post","link":"https:\/\/aglowmedia.com.au\/?p=54805","title":{"rendered":"BMW profits slip on weaker China sales"},"content":{"rendered":"<p><strong>German luxury carmaker BMW posted a drop in net profit for the second quarter on Thursday, dragged down by higher manufacturing costs and weakening demand in key market China.<\/strong><\/p>\n<p>Net profit at the BMW group &#8212; which also includes the Rolls-Royce and Mini brands &#8212; declined by 8.6 percent to 2.7 billion euros ($2.9 billion) between April and June, on the back of revenues down 0.7 percent to just under 37 billion euros.<\/p>\n<p>Car deliveries dipped by 1.3 percent, to 618,743 units.<\/p>\n<p>Deliveries in China were down 4.7 percent, where cooling domestic consumption and increased competition from local brands is hitting European carmakers hard.<\/p>\n<p>&#8220;In China, in particular, revenues were impacted by heightened competition and weaker consumer sentiment,&#8221; BMW said.<\/p>\n<p>BMW said it expected &#8220;the economic situation to begin to stabilise&#8221; in China in the third quarter.<\/p>\n<p>Higher manufacturing and personnel costs and spending on IT projects also hurt the group&#8217;s earnings, BMW said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>German luxury carmaker BMW posted a drop in net profit for the second quarter on Thursday, dragged down by higher manufacturing costs and weakening demand in key market China. Net profit at the BMW group &#8212; which also includes the Rolls-Royce and Mini brands &#8212; declined by 8.6 percent to 2.7 billion euros ($2.9 billion) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[2044,2045],"class_list":["post-54805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english","tag-bmw","tag-bmw-profits-slip-on-weaker-china-sales"],"_links":{"self":[{"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=\/wp\/v2\/posts\/54805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54805"}],"version-history":[{"count":0,"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=\/wp\/v2\/posts\/54805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aglowmedia.com.au\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}