As per earnings data released on Tuesday, German car manufacturer BMW, fell short of prospects in the third quarter. The BMW did boost its performance targets for the year, though.
Among July and September, net profit at the group reduced in size by 1.8 percent year-after-year to 1.8 billion Euros ($2.1 billion), fine shortage of the 1.95 billion Euros as forecasted by analysts.
In addition, Operating or underlying profit fell 3.2 percent to 2.3 billion Euros, on the back of revenues that boasted up by 0.3 percent at 23.4 billion Euros.
In the meantime, unit sales of BMW, Mini and Rolls-Royce cars amplified 1.2 percent to 590,415. The group is “investing substantially in tomorrow’s mobility,” chief executive Harald Kruger uttered in a statement.
Similar to other German carmakers, the Munich-based firm is moving quickly to get closer to the rivals in high-tech fields like electric cars and autonomous driving.
The group looks forward to sell over 100,000 hybrid or full-electric vehicles in 2017. For the time being, Kruger highlighted the 400 million Euro expenses on increasing BMW’s research centre to 5,000 employees and the commencement of an autonomous driving centre with partners, counting chipmaker Intel.
