BMW warned that 2019 profits would be “well below” last year because of higher technology costs and foreign exchange movements, prompting the carmaker to target €12bn in savings.
The profit warning comes only a week after the group, which also owns Mini and Rolls-Royce, reported an 8.1 per cent drop in pre-tax profits for last year.
BMW said it wanted to reduce the complexity of its vehicles and move to a “leaner” structure to offset the “high level of upfront expenditure required” for developing technology, such as electric cars and self-driving systems.
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