BMW on Wednesday reported a 61% drop in its third-quarter profit, missing analyst expectations because of slumping China sales and brake problems and sending its shares to their lowest level in more than 2-1/2 years.

BMW reported an 84% drop in quarterly profits, primarily due to declining sales in China and a costly vehicle recall affecting 1.5 million cars. Overall sales decreased nearly 16%, and the company faces ongoing challenges in the competitive auto market.

Nov 6 (Reuters) - BMW (BMWG.DE), opens new tab on Wednesday reported a 61% drop in its quarterly third-quarter profit that missed analyst expectations because of slumping China sales and brake problems, but said it was on track to meet its adjusted full ...

BMW AG’s profit margin fell to the lowest in more than four years in the third quarter as a costly recall and weak demand in China weighed on earnings.

BMW reported a sharp drop in profitability for its key automotive unit, hit by costs of a recall and weak demand in China, even as it forecast stronger earnings in the fourth quarter.