BMW profits down 90 percent

BMW’s net profits fell nearly 90% to 330m euros ($423m; £306m) last year, as the global economic downturn reduced demand for cars.

Earnings were hit by 2.4bn euros of exceptional costs linked to bad debts, personnel costs and provisions to cover risks on used car markets.

BMW also received a 400m euro loan from the European Investment Bank as part of a wider industry package.

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