BMW profits slump after UK car finance scandal and Donald Trump tariffs impact sales

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A major car brand has seen its profits take a hit as a result of the UK car finance scandal and rising US tariffs, which has impacted the sector.German carmaker BMW said increased customs costs, particularly in the US have reduced its profit margin by around 1.25 percentage points during the first quarter of the year.BMW also confirmed it had increased financial provisions linked to compensation for UK motor finance customers after the Financial Conduct Authority published its final redress scheme in March.

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In its quarterly results, the company said the FCA's proposals were "likely to result in a higher overall volume of compensation" than previously expected.

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TRENDING Stories Videos Your Say The update comes as the wider motor finance industry faces mounting pressure over historic commission arrangements, with lenders and manufacturers bracing for potentially billions of pounds in payouts.BMW said the combination of tariff costs, weaker demand in China and the UK compensation scheme...

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