BMW's Q3 Profit Plummets 61% Due to Challenges in China and Brake Issues

BMW AG (ETR:BMW) has announced a significant decline in its operating profit for the third quarter due to a drop in demand in the Chinese market and complications related to the brake system supplied by Continental. The luxury car manufacturer reported an EBIT of €1.7 billion in the third quarter. Despite this decline, the result slightly exceeded analysts' expectations of €1.65 billion, as noted in a consensus provided by the company.

The automotive giant reaffirmed its full-year forecast after revising its profit margin outlook for 2024 in September. The reported financial figures come in a challenging environment where the Chinese market did not perform as anticipated for the automaker.

The current exchange rate stands at $1 = €0.9179. BMW's confirmation of its annual forecast indicates a consistent approach throughout the remaining financial period, despite the reported setbacks.