BMW on Nov. 4 reported shrinking earnings the day after issuing its second profit warning of the year as Chinese competition shakes the global car industry.
Net profit for the third quarter fell about 15 percent 1.45 billion euros ($1.61 billion), BMW said, and sales fell almost six percent to 30.45 billion euros.
BMW on Nov. 3 issued its second profit warning of 2026, warning that costs associated with a production ramp-up as well as higher-than-expected severance payments could push its core car business into an overall loss for the year.
"Current developments in our industry call for decisiveness," BMW CEO Milan Nedeljkovic said on Nov. 4. "We will therefore specifically intensify and accelerate structural measures."
Like its peers Mercedes-Benz and Volkswagen, BMW is cutting jobs to try and bring costs down as lower-cost and more advanced Chinese rivals have largely muscled their German counterparts out of China and are now stepping up exports to Europe.
BMW's vehicle deliveries in China — last year already at their lowest level since 2017 — fell another 24.8 percent in the quarter, the firm said, dragging overall global deliveries down 6.3 percent.
The group, which apart from its namesake also includes Mini and Rolls-Royce, has promised to shift more of the supply chain for its Chinese vehicles into China in a bid to build back market share.
