News Summary: BMW earnings down 28 percent

AP News
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Posted: Aug 01, 2012 1:11 PM
News Summary: BMW earnings down 28 percent

PROFIT IN REVERSE: German luxury automaker BMW AG said earnings fell 28 percent in the second quarter due to higher costs for staff and investments in new technology.

SALES ACCELERATE: BMW had record sales, held on to its outlook and maintained profit margins on auto sales that many other carmakers would envy.

DANGEROUS CURVED AHEAD: the Munich-based carmarker cited "intense market competition" and warned that any worsening of Europe's economic crisis or a growth slowdown in China could hurt its business.