BERLIN, Aug 01 (Reuters): BMW reported a lower-than-expected profit margin in its core automotive segment during the second quarter on Thursday, hitting its shares as heightened competition and weaker demand in China weighs on the sector.
The German automaker's earnings before interest and tax (EBIT) margin in its car segment fell to 8.4 per cent from 9.2 per cent in the same period last year, falling short of the 8.7 per cent expected by analysts, according to a company-compiled consensus.
The shares were trading 3.8 per cent lower at 0727 GMT.
BMW and its peers are under pressure in their key market China, where local carmakers are gaining share with lower-cost electric vehicles, forcing their European rivals to slash prices.
China woes hit BMW as profit margin falls
FE Team | Published: August 01, 2024 22:19:08
China woes hit BMW as profit margin falls
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