BMW expects group pretax profit to fall by more than 10 percent this year, it sa...
MUNICH - BMW expects group pretax profit to fall by more than 10 percent this year, it said on Wednesday as it announced a sweeping 12 billion euro savings and efficiency plan to help offset higher technology investment and currency costs.
Group earnings before tax are expected to be significantly below 2018 levels, the company said at its results news conference in Munich on Wednesday. “If tariffs are in the range of zero and 5 percent, the business case would not dramatically change,” BMW production chief Oliver Zipse said, referring to the group’s production network and exports of Mini vehicles from Oxford in England to the European Union.
By the end of 2022 the company expects the efficiency program to deliver savings of more than 12 billion euros, it said in a statement.Some of that would come from ramping up digital simulations to speed development of new models by as much as a third. BMW said it expects the operating margin in its automotive division to fall to between 6 percent and 8 percent this year, below its 8-10 percent target, disappointing analysts.
Bernstein Research analyst Max Warburton said: “If BMW is facing this kind of difficulty and feels the need to guide this cautiously, what does this tell us about the rest of the sector?”
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