Quarterly profits at BMW are down by 60%.
The company on Tuesday cut production and its 2008 earnings outlook for the second consecutive quarter amid falling markets. Mercedes-Benz, a unit of Daimler, did the same.
After announcing revenues were down 8.6% to 12.59 billion euros, BMW said it would chop production by at least 40,000 cars, adding to an earlier cut of 25,000.
BMW also set aside 342 million euros in risk provisions for bad loans.
October was the worst month in 25 years for the industry in the United States.
Overall US auto sales in October fell by 32% to their lowest since February 1983.
That included a 45% drop for General Motors and a 30% fall at Ford. BMW sales fell by 8.5%.
Europe also suffered, with sales in Spain off 40% and down 19% in Italy.
GM said it would roll out a "red tag" sale with lower prices and cash-back offers starting on Tuesday.
Toyota Corp has extended a 0% financing offer it launched in October. Nissan Motor is also doing so.
