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BMW 2020 profit falls on pandemic impact, despite China-lead rebound

BMW 2020 profit falls on pandemic impact, despite China-lead rebound

Mubasher: BMW said its operating profit for 2020 fell due to the COVID-19 pandemic, yet was back on a profitable course following a second-half rebound in sales, particularly in China, Reuters reported on Thursday.

“Our performance in the second half of the year demonstrated just how strong the BMW Group is... we soon overcame the impact of weeks of plant closures and nationwide lockdowns,” Chief Executive, Oliver Zipse, said in a statement.

The German carmaker’s sales in China rose by 7.4% in 2020 versus 2019, mostly offsetting declines in other regions.

Excluding the second quarter, BMW remained profitable throughout 2020.