BMW Profit Warning: 8,000 Job Cuts as Chinese Rivals Gain Ground
Part of composite article Chinese EVs Are Eating Europe’s Lunch: BYD and Geely Hit Record Sales as BMW Cuts 8,000 Jobs View full article →
BMW has issued its second profit warning in a year, blaming restructuring costs that include 8,000 job cuts and ongoing competition from China.
The German carmaker cut its profit margin forecast to between -0.5% and 0.5% for this year.
BMW is the latest German automaker to downgrade its outlook, after Mercedes-Benz cut its profit forecast last week.
Western carmakers are struggling to compete with lower-cost Chinese rivals. This has led to falling sales in China and a rise in Chinese exports to Europe.