German manufacturer BMW has confirmed it has seen a drop in the profits being recorded by its car division.
The firm revealed that a "challenging" economic picture in Europe over the last few months means that its pre-tax profit for this part of the business fell 4.1 per cent to 1.6 billion euros (£1.3 billion) in the three months to September.
Norbert Reithofer, chairman of the BMW management board, said: "Reported figures for both the third quarter and the nine-month period have developed positively, despite the higher level of expenditure on new technologies and a challenging market environment in Europe."
BMW confirmed in a statement that it still expected sales volume to grow by a single-digit percentage point for the year as a whole, while pre-tax profit will be similar to last year's.
The BMW3 Series was a particular success for the firm, with nine-month sales of the car revealed to be up by 27.6 per cent.
BMW's share price is up this morning (November 6th) on the back of the news, with stocks in the luxury car manufacturer up almost one per cent by 08:38 GMT.
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