BMW profit drops 89%

While German luxury rival Audi is posting record profits and sales, BMW’s performance is looking much more sour with the company announcing today that its profits have dropped 89% over the past 12 months. BMW still managed to earn a net annual profit of €330 million but analysts were expecting a figure around the €1.02 billion mark.

No carmaker has been immune from the global economic crisis, and nowhere is this more evident than in the U.S. where BMW sales dropped 37% to reach a 28-year low.

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