Nov. 06 - Earnings beat expectations for the German carmaker, rising 14 percent, but BMW's boss says it's facing competition from low interest financing deals. Joanne Nicholson reports
2bln euros is Europe's daily digit - that's BMW's earnings before tax and interest. They've risen 14 percent thanks to rampant demand in China - the German carmaker's single largest market. Profits also beat expecations But even though BMW says it will make more money than ever before this year, the world's largest premium carmaker warns it is starting to feel the pain of a sickly European market. Chief Executive Norbert Reithofer says the company is facing more competition from low interest-rate financing and cheap leasing deals. But it's hasn't been hit like rival Mercedes which warned of an earnings fall this year. And that's largely thanks to a younger and more diversified product range and a 39 percent rise in vehicle sales in China.