. 24/7 Space News .
CAR TECH
BMW sticks to cautious forecast as profits shift up
by Staff Writers
Frankfurt Am Main (AFP) Aug 3, 2017


German carmaker BMW reported Thursday a leap in profits in the second quarter, but stuck to its cautious forecast for the full year as it spends on new models and research and development.

Net profit at the group reached 2.2 billion euros ($2.6 billion) between April and June, a 13.6-percent increase compared with the same period last year.

Operating, or underlying profit grew 7.5 percent to reach 2.9 billion euros, on the back of revenues up 3.1 percent at 25.8 billion.

Positive results helped push BMW towards the top of Germany's DAX index of leading German shares Thursday morning, with stock gaining 0.80 percent to trade at 79.49 euros ($94.13) just before 1030 GMT.

The group pointed to some 40 new models from its high-end car brands BMW, Mini and Rolls Royce scheduled for release in 2017 and 2018, an "offensive" that it hopes will boost unit sales, especially in the United States.

BMW was overtaken by historic rival Daimler's Mercedes-Benz in 2016 as the biggest-selling luxury carmaker.

The group also highlighted its sales of electric vehicles, which reached 42,573 in the first six months.

German carmakers are under pressure from the government over high levels of harmful emissions from diesel vehicles, as a long-running scandal over cheating on regulatory emissions tests has deepened.

BMW has offered to refit hundreds of thousands of diesel cars already on German roads with a software update to reduce their emissions of nitrogen oxides, under a sector-wide deal between the government and carmakers agreed Wednesday.

The Munich-based firm will also offer discounts for owners of old diesels who trade them in for new ones.

German carmakers bet on diesels, which contribute less to global warming than petrol-powered cars, as a way of meeting European Union climate protection targets.

But the technology's unhealthy byproducts -- and the scandal caused by emissions cheating and allegations of collusion between manufacturers -- has prompted companies to step up electric car development.

"We're on track to deliver more than 100,000 electric cars for the first time this year," chief executive Harald Krueger told journalists in a teleconference, adding that eventually all BMW vehicles will be electric.

Looking ahead to the full year, BMW expects a "slight increases" in unit sales and pre-tax profits, as well as a "solid increase" in revenues from its car business despite a "volatile" political environment worldwide.

The group was one of a number of German firms targeted by name in protectionist rhetoric from US President Donald Trump ahead of his inauguration.

tgb/dlc/jh

BAYERISCHE MOTOREN WERKE AG

DAIMLER

ROLLS-ROYCE HOLDINGS

CAR TECH
Diesel at cross-roads as Germany's car bosses, politicians meet
Berlin (AFP) Aug 2, 2017
Bosses of Germany's powerful car industry and top politicians meet Wednesday on the fate of diesel engines, as the sector faces an existential threat after a colossal pollution cheating scandal and new allegations of collusion. With major cities also eyeing partial bans on diesel vehicles to fight deadly smog, the sector with more than 800,000 jobs in the balance desperately needs a strategy ... read more

Related Links
Car Technology at SpaceMart.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

CAR TECH
NASA Offers Space Station as Catalyst for Discovery in Washington

Let's cut them off from access to Space

Astronauts gear up for space with tough Russian training

Astronauts grow cucumbers in space to help scientists understand root growth

CAR TECH
ISRO Develops Ship-Based Antenna System to Track Satellite Launches

India looks to more launches with new facility from 2018

Sea Launch to be modernized for Russia's Soyuz-5 carrier rocket

Navy completes testing fixes on electro-magnetic launch systems

CAR TECH
For Moratorium on Sending Commands to Mars, Blame the Sun

Tributes to wetter times on Mars

Opportunity will spend three weeks at current location due to Solar Conjunction

Curiosity Mars Rover Begins Study of Ridge Destination

CAR TECH
China develops sea launches to boost space commerce

Chinese satellite Zhongxing-9A enters preset orbit

Chinese Space Program: From Setback, to Manned Flights, to the Moon

Chinese Rocket Fizzles Out, Puts Other Launches on Hold

CAR TECH
ASTROSCALE Raises a Total of $25 Million in Series C Led by Private Companies

LISA Pathfinder: bake, rattle and roll

A Final Farewell to LISA Pathfinder

Good Night, Lisa Pathfinder

CAR TECH
WSU physicists turn a crystal into an electrical circuit

Scientists improve ability to measure rock stress

UBC research unearths Canadian sapphires fit for a queen

Making polymer chemistry 'click'

CAR TECH
A New Search for Extrasolar Planets from the Arecibo Observatory

Gulf of Mexico tube worm is one of the longest-living animals in the world

Molecular Outflow Launched Beyond Disk Around Young Star

Breakthrough Starshot launches tiny spacecraft in quest for Alpha Centauri

CAR TECH
New Horizons Video Soars over Pluto's Majestic Mountains and Icy Plains

Juno spots Jupiter's Great Red Spot

New evidence in support of the Planet Nine hypothesis

NASA's New Horizons Team Strikes Gold in Argentina









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.