The premium carmaker reports a 35% drop in quarterly pretax earnings to 1.7 billion euros (US$1.95 billion)The automotive industry faces fierce global competition, increasing regulatory requirements and the effects of geopolitical conflicts, said BMW’s CEO. PHOTO: BLOOMBERG[BERLIN] A severe slump in Chinese sales and the hit to consumer sentiment from the Middle East dealt a blow to BMW’s earnings in the second quarter, the company said on Thursday (Jul 30), pledging deeper cuts to steel itself against tough competition. The premium carmaker reported a 35 per cent drop in quarterly pretax earnings to 1.7 billion euros (US$1.95 billion). This beat analysts’ forecast of 2.2 per cent but was down from 5.4 per cent a year earlier. Asean Intelligence Get insights into businesses across South-east Asia Get the free report“Competition in the global automotive market has sharpened noticeably,” finance chief Walter Mertl said.