BMW Q2 profit falls short of expectations, with a 4.7% decline in deliveries in China

BMW's second-quarter profit declined due to a decrease in sales in China. BMW reiterated its full-year performance guidance, but faces challenges such as a weak European economy, inflation, and declining sales of electric vehicles. The company's car deliveries in the Chinese market decreased by 4.7%, prompting them to raise vehicle prices and lower sales targets to avoid a price war. BMW expects the Chinese economy to stabilize from this quarter onwards. Additionally, the company's net profit decreased by 9%, citing high investment levels and IT project costs dragging down earnings. BMW has been successful in electric vehicle sales, surpassing Mercedes-Benz and Audi