BMW reports loss for 2nd quarter but sees rebound in China

German carmaker BMW says it lost 212 million euros in the second quarter as the coronavirus pandemic shut down factories and dealerships

The net loss compared with a profit of 1.48 billion euros in the same period a year ago.

The company has since re-started all its factories and CEO Oliver Zipse said Wednesday he was “cautiously optimistic” about the second half of the year, predicting the automaker would still make some profit selling cars.

“Our swift responsiveness and consistent management strategy enabled us to limit the impact of the corona pandemic" during the first half of the year, he said.

The company said a positive trend was emerging in China, which was hit earlier by the virus but also reopened sooner. Sales there rose 17% in the second quarter compared with the year-earlier quarter.

The company had to halt production at its BMW Brilliance Automotive Ltd joint venture in Shenyang from the end of January to mid-February, while European plants and its manufacturing facility in Spartanburg, South Carolina closed down from mid-March to mid-May.

BMW AG also makes motorcycles and has a financial services arm. The company is based in Munich and has 125,600 employees.

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