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BMW profits drop on higher costs, spending for new tech

WorldNews Thursday, 1 August 2019
BMW profits drop on higher costs, spending for new techFRANKFURT, Germany (AP) — Luxury automaker BMW said Thursday that net profit fell 29% to 1.48 billion euros ($1.63 billion) in the second quarter from a year earlier, as profits were reduced by higher spending on revamping factories and on new technologies such as battery-only cars and smartphone-based services. BMW spent 1.4 billion euros ($1.5 billion) on research and development in the quarter, and invested 1.2 billion euros ($1.3 billion) in new plants...
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