BMW has reported a 36 per cent fall in profits last year following weak demand in China and a global recall of cars and has warned it expects earnings will remain at a similar level this year because of new European and US tariffs.
The carmaker, which also makes the Rolls-Royce and Mini, on Friday said 2024 earnings before taxes fell to €11bn, compared with €17bn last year.
This was in line with a profit warning issued in September after slowing sales in the lucrative Chinese market and a recall of 1.5mn cars sold in the past two years due to potentially faulty brakes.
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