BMW Reports 37% Profit Decline for 2024 Amid Industry Challenges
The German automaker cites weaker sales in China, supply chain issues, and rising global competition as key factors while forecasting stable pre-tax earnings for 2025.
- BMW's net profit for 2024 fell to €7.7 billion, a 37% drop compared to the previous year, marking the second consecutive year of significant declines.
- Revenue also decreased by 8.4%, totaling €142 billion, attributed to weaker demand in China and supply chain disruptions, including faulty brakes from a key supplier.
- Despite the profit decline, BMW expects pre-tax earnings for 2025 to remain stable and anticipates a slight increase in demand and electric vehicle sales.
- The broader German auto industry faces similar struggles, with Volkswagen and Mercedes-Benz reporting profit declines of 31% and 28%, respectively, driven by global market pressures.
- BMW continues to invest heavily in its future, spending €18 billion on research and development in 2024, with its next-generation electric vehicle platform, Neue Klasse, set to launch in late 2025.
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