 BMW expects the cost of launching new models to fall later in the year |
Luxury carmaker BMW has seen profits slide in the first three months of the year, following heavy investment in launching new models. First quarter profits before tax fell 34% to 852m euros ($1.16bn; �581.6m), well below analysts' expectations.
The company remained optimistic about the coming year, predicting that it would still meet full-year targets.
"We expect business to increase noticeably in the coming months," BMW chief executive Norbert Reithofer said.
BMW said launch costs would continue to be high in the current quarter to June, but would then fall back in the second half of the year.
Mr Reithofer also predicted that sales of BMW-branded cars would rise 2.5% in April.
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