ISTANBUL

German carmaker BMW Group's annual net profit dove 36.9% in 2024, amid "continuing subdued demand in the Chinese market," according to the company's financial report on Friday.

The company's annual net profit fell to €7.68 billion ($8.32 billion) which was in line with a London Stock Exchange Group's (LSEG) forecast.

BMW's revenues totaled €142.3 billion in 2024, down 8.4% year-on-year from the previous year's €155.4 billion.

The automaker stated that it anticipates a 5% to 7% earnings margin for automobiles in 2025, up from 6.3% the previous year, but it also pointed out that the imposition of tariffs is expected to have a detrimental effect on earnings in the upcoming year.

“A challenging competitive environment and macroeconomic, trade and geopolitical developments could all have a significant impact on business performance,” a company statement said.

BMW sold about 2.45 million units last year, which is a little less than the 2.55 million it sold in 2023.

“What has always set the BMW Group apart is our ability to maintain our course, even in challenging conditions. We remain clearly focused on two things – our near term performance and our long-term perspective,” said BMW Group's CEO Oliver Zipse.