BMW's net profit for the third quarter plummeted 84 percent, reaching 476 million euros, which was even worse than analysts anticipated, signaling severe struggles.
The company faced "extraordinary challenges" with vehicle deliveries dropping 13 percent, and a staggering 30 percent decline in the vital Chinese market, reflecting a broader industry crisis.
CEO Oliver Zipse maintained an optimistic stance, asserting that despite high upfront expenditures, BMW aims to achieve stronger earnings by the fourth quarter.
The recall of 1.5 million vehicles over braking issues significantly impacted the financial results, costing hundreds of millions, and highlighted supply chain vulnerabilities.
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