German carmaker BMW sees economic crisis past low point; market could grow at low rate in 2010

BMW sees economic crisis past lowest point

FRANKFURT — German auto group BMW AG says the economic crisis has probably reached its lowest point and that its car market could see growth in a single-digit percentage range in 2010.

The Munich-based company, which builds BMW motorcycles and the Mini and Rolls Royce brand cars, said setbacks in the world economy could continue to arise and that it was still difficult to make a more precise or reliable forecast.

BMW said Wednesday net profit for the whole of 2009 fell 37 percent to €204 million ($279.95 million) from €324 million in 2008. Revenue for the year fell nearly 4 percent to €51 billion from €53 billion in 2008. The results were in line with preliminary results released earlier this month.

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