PANICKING Germany car manufacturing giant BMW has issued a profit warning as it scrambles to make £10.5billion of savings amid fears of the devastating impact a no deal Brexit will have on the country’s automobile industry.
BMW expects group pretax profit to fall by more than 10 percent this year and plans a sweeping 12 billion euro ($13.6 billion) savings and efficiency plan to help offset higher technology investment and currency costs.
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 ($13.6 bln) savings and efficiency plan to help offset higher technology investment and currency costs.
German automaker BMW says its profits this year will be "well below" last year's due to higher raw materials prices, the costs of compliance with tougher emissions requirements and unfavorable shifts in currency exchange rates.
BMW on Wednesday said it expected group pretax profit to fall by more than 10 percent in 2019 and announced a sweeping 12 billion euros ($13.6 bln) cost savings and efficiency plan to help offset higher technology investment and currency costs.
