The announcement underscores the threat to European and U.S. automakers posed by Chinese electric-vehicle manufacturers.

A small acceleration in the second quarter was better than analysts had expected.

It was a steep fall from last year’s record profit, but still enough for the company to introduce additional dividend payments and increase capital investment.

The satellite launch company, founded by Richard Branson, announced sweeping cuts last week as it struggled to recover from a high-profile rocket failure in January.