BMW earnings hit by EU legal and investment costs

BMW’s automotive car division swung to a loss for the first time in a decade as car prices slumped and a legal provision over alleged collusion ballooned to €1.4bn.

Excluding the set-aside, earnings at the carmaker’s main unit fell by 42% to €1.1bn in the first quarter. Price competition in some markets and spending on new technology cut into profit, said the carmaker.