Business · 5 hours ago
BMW Issues Second Profit Warning as It Cuts 8,000 Jobs
Photo by Kaan Buğra Gökşin on Pexels
German carmaker BMW, which owns Mini and Rolls-Royce Motor Cars, has issued its second profit warning this year, saying its car business margin could fall to between minus 0.5% and 0.5%. It blamed the cost of a restructuring plan that includes 8,000 job cuts in Germany. Third-quarter pre-tax profit fell 11% to €2.1bn as sales in China dropped 22% amid fierce competition from Chinese rivals.
Reported by The Guardian · How we write briefs