BMW loses less than expected

Bayerische Motoren Werke AG, the world's biggest maker of luxury vehicles, reported a narrower loss than analysts estimated after cutting the workforce and curtailing production as the global recession trampled demand.

The first-quarter net loss was 152 million euros ($202 million), or 23 cents a share, compared with a profit of 487 million euros, or 74 cents, a year earlier, Munich-based BMW said yesterday. Four analysts surveyed by Bloomberg had predicted a median loss of 268 million euros. Sales declined 13 percent to 11.5 billion euros.

Daimler AG's Mercedes-Benz Cars posted a loss of 1.12 billion euros last quarter, compared with a 251 million-euro deficit at BMW's car unit. Both companies are trimming spending and eliminating jobs as the global recession plunges the auto industry into its worst crisis in decades.