BMW dented by green tech expense

Hugely expensive development and unstable currency put a dent in the BMW’s sales boost of an impressive 5.9% across its three core brands.

BMW, Rolls-Royce and Mini would have been celebrating their individual wins as head office mulled the EBIT drop to 2.46bn euros from 2.52bn a year earlier.

BMW CEO Harald Krueger described the first quarter as a “volatile” environment. “

The decisive factor for us is not short-term profit but sustainable, profitable growth,” said Krueger in a statement.

“We intend to play a pioneering role in transforming and shaping the world of individual mobility going forward,” said Krueger, who in March presented his new business plan focused on electric and self-driving cars.

BMW stayed true to its forecast for a slight lift in full-year pretax profit, as results in growing markets offsets what it labels “high levels of upfront expenditure for new technologies, intense competition and rising personnel expenses.”