German carmaker BMW reported a loss of $787 million for the second quarter, but still expects to make an operating profit this year
) expects to make a profit this year if demand continues to recover, despite posting a record loss for its car division in the second quarter after sales slumped 25% because of coronavirus lockdowns, it said on Wednesday.
As a result of the sales slide, and higher costs for developing low-emission cars, BMW posted a pretax loss of 498 million euros, its first in over 11 years, and an operating loss of 666 million euros for the quarter. “What matters now is how robust this upward trend is and when individual markets will follow suit,” said Chief Executive Oliver Zipse, adding that its overall cars sales in July were higher than last year.
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