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BMW profits drop on higher costs, spending for new tech
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Frankfurt, Aug. 1 -- Luxury automaker BMW said Thursday that net profit fell 29% to 1.48 billion euros ($1.63 billion) in the second quarter from a year earlier, as profits were reduced by higher spending on revamping factories and on new technologies such as battery-only cars and smartphone-based services.
BMW spent 1.4 billion euros ($1.5 billion) on research and development in the quarter, and invested 1.2 billion euros ($1.3 billion) in new plants to modernize production and prepare for new models. It also saw higher production costs from an increasing proportion of electric vehicles and higher raw materials prices. The company said it was able to increase its share in the key China market despite a shrinking overall market there.
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