BMW reports lower Q3 earnings as China woes mount

German carmaker BMW reported a nearly 15% drop in third-quarter net profit on Wednesday, as competition from China shakes the global car industry. Net profit for the third quarter fell to 1.45 billion euros ($1.61 billion), while sales fell nearly 6% to 30.45 billion euros, BMW said. The main cause of the decline was BMW's poor business in China .

Although the company sold more cars in the US and Europe compared to the same period last year, this could only partially offset the decline in China. BMW's car deliveries in China, which were already at their lowest level since 2017 last year, fell 24.8% in the quarter and consequently dragged global deliveries down by 6.3. BMW on Tuesday also lowered its outlook for the current year, citing the faster-than-planned implementation of restructuring measures that includes 8,000 layoffs in its home market.

German carmakers have been struggling to compete with their Chinese counterparts in the electric vehicle market, resulting in cost-cutting measures.