BMW Profit Crashes

The automaker just got a little less status-y.

Marketwatch: BMW AG on Tuesday reported a 63% drop in third-quarter profit as the economic downturn hit demand for its sports and luxury cars.

The German car maker also lowered its outlook for the year and unveiled plans to cut production by a further 40,000 units.
Net income at the maker of the iconic mini fell to 298 million euros from 803 million euros in the year-earlier quarter.
Sales fell 8.6% to 12.59 billion euros, hit by the knock-on effects of the international financial crisis and a downturn in the global economy.
BMW confirmed its profitability targets for 2010 and 2012 but said it was “impossible” to make stable forecasts for the rest of the year and beyond.

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