BMW Warns Profits Will Fall Due to Costs, Trade Uncertainty
Thursday, 21 March 2019 17:50 WIB | GLOBAL |Global

German automaker BMW said Wednesday that profits in 2019 would be œwell below last year™s and that it planned to cut 12 billion euros ($13.6 billion) in costs by the end of 2022 to offset spending on new technology.

The company said profits would be eroded by higher raw materials prices, the costs of compliance with tougher emissions requirements and unfavorable shifts in currency exchange rates.

The Munich-based automaker also faces increased uncertainty due to international trade conflicts that could lead to higher tariffs.

BMW said it had no plans for layoffs even as it outlined cost saving measures that include dropping half of its engine variants as it seeks to reduce product complexity. The BMW, MINI and Rolls-Royce brands are to get a single sales division.

Source : VOA

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