European manufacturers have been in crisis for a long time, and Q3 2024 was devastating for most of them. One of those that recorded a big drop in sales in the last three months is BMW with a 61% lower profit compared to the same period last year.

The biggest reason for the drop in profits is the problem with the brakes on the cars, which affected more than 1.5 million cars, and delivery delays are expected for about 320,000 cars. Also, the second big reason is the decline in sales in China, so BMW reduced its plans with the expectation of growth until the end of 2024. “After the exceptional challenges of the third quarter, in the fourth quarter we are back on track for higher profits in order to achieve our annual targets,” said BMW CEO Oliver Zipse.

Last month, BMW reported that its sales in China fell by 1/3 in the third quarter. Other German automakers such as Volkswagen and Mercedes-Benz are also struggling with declining sales in China due to a weak economy and intense competition.

Source: BMW