Recovery ‘not in sight’ says BMW

Carmaker BMW has said it sees few signs of a lasting economic recovery after it reported profits down by three-quarters for the April to June period.

Net profit was 121m euros ($174m; £103m), down 76% from a year ago, with car sales down by nearly a fifth.

Despite “some tentative positive signs, a lasting and wide ranging recovery is not yet in sight”, BMW said.

Separately, figures showed that new car sales in Germany rose by 30% in July compared with a year earlier.

Earlier on Tuesday, the world’s biggest carmaker, Toyota, reported a big quarterly loss after sales slumped.

Uncertainty

BMW said it had felt “the results of the global economic and financial crisis in the second quarter, resulting in a noticeable decrease in the number of cars and motorcycles sold.”

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