BMW's U.S. sales dropped by 37 percent last year - equaling a 28-year low - while European sales trailed off by 27 percent. BMW's global sales - including the company's Rolls-Royce and MINI brands - totaled 1,439,918 units in 2008.
Thanks to that sales decline, BMW's revenue dropped 5 percent in 2008 to €53.2 billion. The German automaker still posted a profit of €330 million, but that figure is well off the €1.02 billion analysts were predicting.
In response to the collapsing market, BMW has initiated a new program called "˜Number One' aimed at reducing global costs. Under the new plan BMW has reduced its workforce by about 7 percent and continues to focus on profits rather than volume in the U.S. market.