BMW after reporting a profit for 44 consecutive quarters posted a loss €666 million ($786M) in Q2 of 2020 largely because of Covid-19.
In total, 485,464 vehicles were delivered to customers during the second quarter (-25.3%). Second-quarter revenues dropped to €14.878 billion or $17.6 billion (2019: €22.624 billion; -34.2%). Segment EBIT for the quarter deteriorated to a loss of €1,554 million (2019: profit of €1.469B), with the EBIT margin falling to negative 10.4% (2019: positive 6.5%).
In Europe and the Americas, BMW second-quarter deliveries were significantly lower. A good performance by the BMW Brilliance Automotive Ltd. joint venture in China contributed to an improved financial result. In China, BMW delivered more vehicles to customers in the second quarter than in the same period last year – with growth of almost 17%.
The loss before tax for the second quarter amounted to -€300 million (2019: profit before tax of €2,053 million). As a result, the Group’s EBT margin for the three-month period fell to -1.5% (2019: +8.0%). The loss after tax amounted to €212 million (2019: profit after tax € 1,480 million).
“At this point, we are cautiously optimistic about the second half of the year. The new BMW 2 Series Gran Coupé, 4 Series Coupé, the 5 Series, the 6 Series Gran Turismo and the iX3, along with plug-in hybrids like the X2, 3 Series Touring, and 5 Series will all create fresh momentum,” claimed Oliver Zipse, Chairman of the Board of Management of BMW AG.