BMW has confirmed that it made a loss in the first quarter of 2009, but the German brand claims that the results are better than expected.
BMW reported a net loss of 152 million euros (£135m), compared with a profit of 487 million euros (£431m) in the same period of 2008.
“We have continued our forward-looking finance and cost management strategies with great determination during the opening quarter of the year”, said chief executive Norbert Reithofer.
“In view of the difficult conditions still prevailing on the financial markets, we remain focused in our efforts to improve our liquidity position”
In the first part of this year, sales slumped by 13 per cent to 11.5 billion (£10.2bn) euros from 13.3 billion (£11.8bn), BMW said in a statement.
However, the result was better than the estimated 270 million euro (£239mn) loss that analysts had been expecting.