BMW Q1 misses expectations on currency hit

BMW's first-quarter operating profit missed expectations as currency headwinds and a lull in its product cycle offset record quarterly sales of luxury cars.

2016 BMW i8
Ashlee Espinal | CNBC

Earnings before interest and taxes (EBIT) fell 2.5 percent to 2.46 billion euros ($2.84 billion), below the 2.48 billion euros forecast in a Reuters poll.

The return on sales at BMW's automotive division narrowed to 9.4 percent from 9.5 percent a year earlier, financial results published on Tuesday showed.

Matthias Mueller, chief executive officer of Volkswagen AG, speaks during a news conference at the VW headquarters in Wolfsburg, Germany, April 22, 2016.
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BMW has seen sales momentum slow down in China, the world's biggest car market, as it prepares to launch new models like the long-wheelbase version of the X1 offroader.

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