The chief executive of German automotive giant BMW has said it is impossible for the firm to predict its performance due to the continuing challenges facing the sector specifically and the economy at large as it posted weakened profits from quarter three.
Norbert Reithofer said it is “as good as impossible from today’s perspective to make a reliable prediction of the earnings outcome for 2008”.
His comments cam alongside the news that profits in the July – September period were down 67 per cent on the previous quarter to 298m euros (£236.5m). Sales in q3 were 12.6bn euros – down nine per cent on the same period last year.
The BMW release said: “The knock-on effects of the international financial crisis and a downturn in the global economy had a significant negative impact on the performance of the automobile industry.
“Ongoing consumer reticence on the main sales markets, the weak state of the preowned car markets together with difficult refinancing conditions also took their toll on the BMW group.”