BMW profits drop on spending for new tech

FRANKFURT, Germany (AP) — Luxury automaker BMW saw net profit fall 29% to 1.48 billion euros ($1.63 billion) in the second quarter from a year earlier as higher spending to develop new technologies and revamp factories weighed on the bottom line.
The company said Thursday vehicles sales and revenue increased in the April-June period and that it was sticking with its profit forecast for the year.
Sales rose 1.5% to 647,500 vehicles, helped by its BMW Brilliance joint venture in China. Reven