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|07-08-2008, 09:54 AM||#1|
Join Date: Nov 2005
WSJ Article on BMW's June drop in sales...
BMW's Sales Drop
On U.S., Japan Slump
By CHRISTOPH RAUWALD
July 8, 2008; Page B4
FRANKFURT -- BMW AG said Monday its sales fell 2.8% in June from a year earlier to 146,138 cars as the auto maker felt the pinch from lackluster economic trends in crucial markets such as the U.S. and Japan.
However, in the first six months of the year, BMW's sales were up 4.7% from a year earlier at 764,874 cars, and the maker of the world's best-selling premium autos confirmed it expects to post a sales record for 2008.
"In the first half of the year we were able to report solid growth, as planned," said BMW executive board member Ian Robertson. "Despite difficult economic conditions in certain automobile markets, the BMW group aims to improve on last year's sales level for the year as a whole."
Mr. Robertson added the company will monitor world markets and their performance "so as to react as necessary."
While the company enjoyed rising sales in Europe and Asia in the first half of the year, demand in the U.S. -- its single biggest market -- fell 4% to 157,913 cars.
Mr. Robertson said last week that conditions in the U.S. used-car market had stabilized somewhat, adding that the company's risk provision is sufficient. In the first quarter, higher risk provisions shaved €236 million ($370.5 million) from BMW's earnings as the Munich-based auto maker took additional measures to shield against a drop in used-car prices, especially in the U.S., and to cover possible defaults on loans for leased cars.
Sales of the core BMW brand were up 2.4% from January to June at 637,569 vehicles.
Daimler AG's Mercedes-Benz, the world's second-best-selling premium brand, narrowed the sales gap with BMW in June, selling 106,000 cars, down 1.2% from a year earlier. In the first half of the year, Daimler sold 599,200 Mercedes-Benz cars, up 4.1% from a year earlier.
German rival Audi AG, a unit of Volkswagen AG, is scheduled to release sales figures Tuesday.
Sales of BMW's compact Mini brand were up 18% in the first half of the year to 126,810 vehicles, driven by the new Clubman model. June sales were up 8.8% from a year earlier at 24,448 cars.
The company's ultra-luxury Rolls-Royce brand sold 495 cars in the first six months of the year, up 68% from year earlier. In June, sales came in at 114 vehicles, up 56%.
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Last edited by xsb00st; 07-08-2008 at 10:43 AM.
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