Here’s MSNBC with the report:

Timing is everything, or so goes the old saying. And the timing couldn’t have been worse for BMW when it launched an all-new version of its flagship 7-Series, late last year.

Though the big sedan won praise from reviewers, sales fell way short of the luxury automaker’s expectations. It didn’t help that the big Beemer’s debut coincided with the collapse of Lehman Brothers, and the sharp economic downturn that followed.

“Given we have an all-new 7-Series, it’s clearly not doing as well as we wanted,” said Jim O’Donnell,” CEO of BMW North America. “I think some people can still afford it, but when you’re a CEO of a company and you’re laying people off, do you want to be seen driving a new 7-Series?”

– from MSNBC