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00:00:00
going electric is proving painful for at least one big call maker , M. W. earnings fell seventy eight percent in the first quarter , much of that down to investment in electric vehicles , this is a prototype for the I. X. three the firm's first electric S. U. V. due on sale next year B. M. W. boosted spending all property and equipment by thirty six percent in order to build such calls , this is one of its new battery factories in China , Robert is right now so called E. vis cost more to make and sell in relatively small numbers all this one reason why first quarter operating profit fell by more than three quarters it was down to five hundred and eighty nine million euros or about six hundred and sixty million dollars it wasn't all the V. is to blame the B. M. W. also booked a legal charge of over one point five billion dollars last month the European Commission told German automakers they could be heavily penalized over collusion on emissions , M. W. says it will contest any such penalty , now the company hopes to get earnings back on track by trimming the fat , it's aiming for efficiency savings of more than thirteen billion dollars by twenty twenty two with twenty five electric models under development including at its many brands , B. M. W. is going to need every cent