BMW SHARES were knocked yesterday and closed down more than 4.5 per cent, despite the company ending 2014 with record sales volumes.
The upmarket German car manufacturer lowered the tone of this year’s forecasts, saying it expected group sales and profits to grow in the mid- to high- single-digit range.
Chief executive Norbert Reithofer said “many uncertainties remain”, this year, singling out a slowdown in China as an area of concern.
In addition, heavy investment in new technologies such as hybrid vehicles and carbon fibre continue to weigh on the bottom line.
The company saw sales volumes surpass the two million units mark in 2014, leading to a 5.7 per cent increase in group revenues for the year to €80bn (£58bn).
Pre-tax profits were similarly upbeat, recording a 10 per cent increase to a record high of €8.7bn.