FILE - In this Wednesday, March 21, 2018 file photo, the logo of German car manufacturer BMW is pictured at the headquarters in Munich, Germany. German carmaker BMW reports its second quarter earnings on Thursday, Aug. 2, 2018. (AP Photo/Matthias Schrader, file)

Spending on future tech eats into BMW quarterly profit

August 02, 2018 - 2:34 am

FRANKFURT, Germany (AP) — Luxury carmaker BMW says that net profit fell 6 percent in the second quarter as the company spent more on developing new technologies for electric, autonomous and digitally connected automobiles.

Profit came in at 2.08 billion ($2.42 billion), down from 2.22 billion in the year-earlier quarter. Revenues fell 2.9 percent to 25.02 billion euros.

The company said Thursday it spent 2.61 billion euros on research and development over the first six months of the year, up 13.6 percent from a year earlier. It underlined its push into electric vehicles, saying Thursday that it has sold 61,000 so far this year, an increase of 42 percent.

The company also took steps during the quarter to expand its lucrative business in China, agreeing to expand its joint venture with Brilliance Automotive.

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