BMW revenues affected by strong euro

Bayerische Motoren Werke (BMW), the German luxury carmaker, said revenue fell by more than 2% last year due to the strength of the euro against the dollar.

BMW is one of Europe's top automakers and its models include the Z4 roadster, MINI automotive brand, Rolls-Royce Motor Cars and software (softlab GmbH).

BMW's motorcycle division also offers a line of motorcycling apparel such as leather suits, gloves, and boots.

Revenues fell 2.1% to €41.5bn in the 12 months to December 2003, the company reported today.

The euro rose by more than 20% against the dollar last year, hitting a record $1.2899 earlier this month.

Excluding currency effects, BMW said revenue rose by more than 4% and it confirmed that it will meet earnings forecast for the year.

By volume, the BMW group sold 1.1 million BMW, MINI and Rolls-Royce cars in 2003.