BMW warns on profits as it counts cost of plan for 8,000 job cuts
EuropeBusinessHigh confidence — 76/100
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, with Mercedes-Benz last week cutting its profit outlook.
Western automakers have struggled to keep pace with lower-cost domestic rivals in China, which has led to reduced sales there and a rise in exports to Europe.
Unverified
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, with Mercedes-Benz last week cutting its profit outlook.
Western automakers have struggled to keep pace with lower-cost domestic rivals in China, which has led to reduced sales there and a rise in exports to Europe.