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BMW's profit warning

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BMW's profit warning

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BMW has shocked the markets with a much worse than expected profit warning. It will miss its targets this year and warned 2009 will be “difficult and full of challenges.”

The world’s biggest premium car maker unveiled a 44% drop in quarterly pretax profit, thanks to worsening industry conditions and big one-off charges.

The company blamed ongoing steep rises in oil and raw material prices, the weakness of the US dollar, the impact of the international financial crisis and a weaker US economy.