UPDATE 1-BMW follows Daimler with profit warning

Newswire

(Adds details) FRANKFURT, Aug 1 (Reuters) - German luxury car maker BMW said it will not reach its 2008 targets due to a significant deterioration in business conditions, following rival Daimler with a much anticipated profit warning. "Business conditions for the automobile industry deteriorated sharply again in the second quarter due to further ongoing steep rises in oil and raw material prices, the weakness of the U.S. dollar, the impact of the international financial crisis and a ...

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