BMW shares slip despite maxi sales for the MINI

Discussion in 'MINIs in Other Media' started by Nathan, Nov 5, 2013.

  1. Nathan

    Nathan Founder

    Mar 30, 2009
    Short North
    +10,050 / 0 / -0
    Record sales of the Mini between July and September failed to impress investors in German parent BMW today as the car manufacturer’s shares slipped into reverse.

    Worldwide sales of the brand — made in Oxford for a century and boosted by new models such as the Mini Paceman — rose almost 6% year-on-year in the third quarter to an all-time high of 75,482, pushing total sales to 224,280 in the first nine months of the year.

    Sales of BMW, Mini and Rolls-Royce branded cars saw double-digit growth between July and September but BMW also warned of “challenging†conditions in European markets. Group revenues slipped 0.4% over the quarter and pre-tax profits were down 3.7% to €1.93 billion (£1.62 billion), as an appreciating euro also dented profits in emerging markets and chief executive Norbert Reithofer blamed stiffer competition and investment in new technology such as electric cars.

    BMW shares dropped 3% to €80.86 in Frankfurt trading although Reithofer stuck to the the company’s full-year guidance with single-digit sales growth and profits similar to last year.

    Source: BMW shares slip despite maxi sales for the Mini - Business News - Business - London Evening Standard

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