Germany’s auto sector has been struggling with soaring energy costs, US tariffs, and rising competition
German auto giant BMW has reported a sharp drop in first-half profits, as US tariffs, weak demand, and mounting competition from China took a toll on earnings.
The company posted a profit after tax of €4 billion ($4.6 billion), down 29% from the same period last year, according to a company report issued on Thursday. It marked the automaker’s third consecutive first-half decline.
BMW said US import duties on cars and vehicle parts, imposed by President Donald Trump in April, weighed heavily on earnings.
EU automakers are still digesting the…
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