The Bavaria-based group saw its net profits slip to 1.75 billion euros ($1.92 billion) from April to June against 1.77 billion euros for the same period past year.
“It will definitely not be double-digit growth”, Eichiner added.
The second-quarter margin on automaking fell short of analysts’ expectations due to a combination of the ageing 7-Series sedan, due to be refreshed this year, and slowing growth in China, Raab said.
BMW said it had sold 230,700 cars in China during the first half, a modest increase of just 2.3 per cent compared with the same period past year.
It said it still expected an automotive profit margin of 8-10 per cent this year.
BMW is refreshing its model range and has already unveiled a new 7 Series which will go on sale this autumn.
Shares in BMW were indicated 1.3 percent lower ahead of the 0700 GMT (0800 BST) Frankfurt market open. In the year, the company intends to achieve solid growth and new record figures for sales volume and profit before tax.
The Here digital maps business which BMW is buying from Nokia Corp. together with Audi and Daimler AG will play a key role in the digital revolution of mobility, said Mr. Krüger. Krueger took over May 13 from Norbert Reithofer, who became board chairman. In addition to the Chinese slowdown, he’s contending with potential new competitors, such as technology companies Apple and Google, that are studying whether to enter the auto industry.
BMW said the return on sales in its automotive division in the second quarter fell to 8.4 per cent, from 11.7 per cent a year earlier and below the 10.7 per cent margin reported by rival Mercedes-Benz Cars and the 9.9 per cent earned by Audi. Spending requirements for new technology such as self-driving cars and vehicles with electric engines like the i8 sports auto are pushing the manufacturer and its rivals into cost-saving initiatives to maintain profitability levels.