BMW warns on profits as it counts cost of plan for 8,000 job cuts
· theguardian.com · popularity 33/100 · 0 similar stories today · Economy & Markets (Money, Markets & Investing)
Read the original at theguardian.com →
Summary
German carmaker slashes profit margin to between -0.5% and 0.5% this year in face of competition from China The German carmaker BMW has issued its second profit warning in a year, blaming the costs of a restructuring programme including significant job losses in the face of continuing competition from China. The company is the latest to issue a profit downgrade in the German car sector, after Mercedes-Benz last week cut its profit outlook. Western automakers have struggled to keep pace with lower-cost Chinese rivals, which has led to reduced sales in China and a rise in Chinese exports to Europe. Continue reading...
Found in: Guardian World. Rating basis: single outlet; outlet tier 5; 1 feeds; feed position 24.