BMW swings to first loss in a decade as virus hits sales

German luxury carmaker BMW said on Wednesday, August 5, that it swung into its first loss since 2009 as the coronavirus pandemic ravaged car sales but said it still hopes to turn an operating profit for the year.

The group kept net loss to just 212 million euros, as the damage was mitigated by an accounting boost over its car leasing business. BMW added that the guidance is based on the assumption that demand in all key markets will be significantly reduced in light of the coronavirus pandemic and containment measures.

Operating loss in its automobile division, which also includes the Mini and Rolls-Royce marques, was 1.55 billion euros, compared with a EBIT profit of 1.47 billion euros in the same period of the previous year.

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