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BMW AG said Tuesday a weak global economy and sagging car sales led to a 76 percent drop in the company's second-quarter profit.
BMW said it earned 121 million euros ($173 million) in the April-June period, compared with 507 million euros a year earlier, despite an economic slowdown that has zigzagged across the world.
The German luxury-car maker said sales fell 11 percent, dropping to 12.9 billion euros from 14.5 billion euros.
Quote:
BMW said that due to current volatility and future uncertainty in economic markets, it wouldn't forecast earnings for all of 2009. But BMW said it has made good progress with financial and cost management and has reduced its worldwide work force by more than 7 percent in the last year.
Meanwhile, the richer Chinese are gobbling up the vehicles Americans are too poor to buy (taking a 96 month loan out with zero down is NOT considered buying).
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