BMW on Wednesday reported a 61% drop in its third-quarter profit, missing analyst expectations because of slumping China sales and brake problems and sending its shares to their lowest level in more than 2-1/2 years.

BMW reported an 84% drop in quarterly profits, primarily due to declining sales in China and a costly vehicle recall affecting 1.5 million cars. Overall sales decreased by nearly 16%, and the company faces ongoing challenges in the competitive auto market.

Nov 6 (Reuters) - BMW (BMWG.DE), opens new tab on Wednesday reported a 61% drop in its quarterly third-quarter profit that missed analyst expectations because of slumping China sales and brake problems, but said it was on track to meet its adjusted full ...