BMW warns of near-zero margin as restructuring costs rise
Business · First reported 4 Nov, 09:41 · Updated 09:58
BMW says restructuring costs, including 8,000 planned job cuts in Germany, will push its forecast operating margin to between minus 0.5% and 0.5% this year. Third-quarter revenue and pretax earnings also fell, while sales in China were down 22% in the first nine months.
- BMW forecast a full-year margin of minus 0.5% to 0.5%, attributing the outlook to restructuring costs that include 8,000 planned job cuts in Germany.
- Third-quarter pretax earnings fell 11% to €2.1 billion, and revenue declined 6% to €30.4 billion.
- BMW's China sales fell 22% in the first nine months; the company said this reflected the broader downturn there.
Summary written by Lux AI from 2 articles
Key facts
- Full-year margin forecast
- Minus 0.5% to 0.5%
- Planned job cuts
- 8,000 in Germany
- Third-quarter pretax earnings
- €2.1 billion, down 11%
- Third-quarter revenue
- €30.4 billion, down 6%
- China sales
- Down 22% in the first nine months
- Long-term margin target
- 8% to 10%
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