Germany luxury automaker BMW says net profit fell 24 percent in the third quarter as the company faced market disruptions caused by other companies failing to get vehicles certified for new European Union emissions tests.
The Munich-based automaker also said it was spending more to develop the electric and autonomous vehicle technologies that are expected to transform the industry.
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BMW managed to get its cars certified under tougher new tests but Daimler and Volkswagen both had to sell off uncertified vehicles ahead of the Sept. 1 deadline, leading to pressure on prices. BMW also faced headwinds from warranty actions and trade tensions.
Net profit announced Wednesday fell to 1.40 billion euros ($1.6 billion) from 1.84 billion euros in the year-ago quarter. Revenues rose 4.7 percent to 24.74 billion euros.
