BMW Profits goes down

BMW reported a $73.7M loss for the Q1. The company pointed to steep drops in sales on major markets and high financing costs as key factors in the first quarter losses.

In addition to the BMW brand, the group owns MINI and Rolls-Royce.

BMW said it had trimmed costs during the first three months of the year and reduced inventories, in part through the elimination of more than 900 posts, as many departing workers were not replaced.