BMW may take a $1.2 billion hit to its bottom line if EU charges stick that it colluded to delay technology for cleaner auto emissions, but VW and Daimler are likely to get off much more lightly
BMW may take a 1 billion euro hit to its bottom line if EU charges stick that it colluded to delay technology for cleaner auto emissions, but VW and Daimler are likely to get off much more lightly, while environmentalists are angry that cash penalties are ineffective.
The EU opened an investigation last September into suspected collusion between BMW, Volkswagen and Daimler to delay clean-emissions technology in cars and SUVs. The EU commission alleged the automakers participated in a cartel to limit or delay two types of technology for diesel and gasoline cars. The manufacturers have 10 weeks to respond to the charges, and in theory could be fined up to 10% of global revenuesquarter. Reflecting this, management is lowering 2019 profit guidance by 1 to 1.5 from 6.8%. We had already expected 1Q auto EBIT margins to be below 6% but reflecting the provision we believe it is possible BMW could be loss making,” Citi Research analyst Raghav Gupta-Chaudhary said.
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