BMW, the car in Monaco, gave 32.7% compared to 2007. Fiat does a -3% to Piazza Affari.

It confirms the difficult time for the automotive industry.

BMW has closed the second quarter with a sharp drop in profits and was forced to revise downwards its estimates on profits for the entire 2008. As reported by the German company, in the second quarter net profit fell by 32.7% to 507 million euros, compared with 753 million in the same period last year. The turnover decreased by 0.9% to 14.55 billion euros.

The decline is due, according to BMW, to a worsening of the overall framework for the automotive industry, due to the growth of commodity prices, the weakness of the dollar and the effects of international financial crisis. The group of Monaco of Bavaria issued a warning on profits for 2008. A story that has dragged down the title Bmw, came to lose over 10% in Frankfurt.

One problem, the stock market decline that as a result of the quarterly data arriving from Monaco, has also affected the Fiat that with the BMW has made a recent agreement.

The title Fiat loses 3%, slipping back below the psychological threshold of 11 euros (July 22 last year), at 10.82 euros. The exchanges have already covered 8 million shares, equal to 0.7% of ordinary share capital of the automotive group in Turin. Decided decrease in the insiders Fiat (-2.77%) and Fiat savings (-2.72%). "The alarm was Bmw off the market - said an operator - such as Fiat and other carmakers are feeling this."

But the crisis in the sector is felt especially in the U.S.. General Motors reported a loss of 15.5 billion dollars in the second quarter, that is $ 27.33 per share, much worse than expected.

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