BMW has become the first big carmaker to signal that a global economic slowdown will probably lead to a drop in sales of luxury models before the year is out, as consumers face inflation and higher interest rates.
The Munich-based group’s shares fell 6 per cent to €76.61 by late morning as worries about the wider economy outweighed the posting of earnings that beat market expectations in the last quarter.
BMW reported earnings before interest and tax of €3.4bn in the three months to end of June, a 32 per cent drop on the same period last year, when orders rebounded sharply after pandemic lockdowns, but higher than the figure most analysts had predicted.
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