FRANKFURT (Reuters) - German carmaker BMW
BMW's shares by fell 3.9 percent after the carmaker joined rival Daimler
The industry-wide shift to the new Worldwide Harmonised Light Vehicle Test standards (WLTP) in September has led to significant supply distortions in several European markets and unexpectedly intense competition, BMW said.
As a result, full-year pretax profit is expected to moderately decrease, rather than remaining on par with last year's level, BMW said.
The operating margin in the automotive segment is now expected to be at least 7 percent, rather than in line with the previously stated group target corridor of at least 8-10 percent, BMW explained.
In August BMW
The introduction of WLTP forced carmakers to withhold some non-conforming models from sale, prompting these carmakers to push other models with discount strategies so they could maintain market share.
(Reporting by Edward Taylor; Editing by Michelle Martin)