BMW Group reported an 8.8 percent decline in second-quarter profit as spending on new models including the company's first volume electric car offset higher sales.Earnings before interest and taxes (EBIT) fell to 2.07 billion euros ($2.75 billion) from 2.27 billion euros a year earlier, BMW said in a statement today. Revenue advanced 1.8 percent to 19.6 billion euros, as car deliveries rose 6.6 percent.
BMW said second-quarter EBIT in its automotive division dropped 13 percent to 1.76 billion euros in line with expectations, due to increased spending on fuel-efficient technology and discounts in embattled European markets.
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