BMW reduced its volume expectations for the Chinese market in the December quarter and now expects a 2025 automotive EBIT margin of 5-6%, down from a previous target of 5-7%.
The company also lowered its forecast for free cash flow in the automotive sector from more than 5 billion euros to more than 2.5 billion euros.
The forecast changes are linked to weak sales in China, higher tariff costs and payments to support dealers under pressure from falling commissions on local financial products.
BMW also postponed expected refunds of customs duties from US and German authorities, totaling three-digit amounts, from 2025 to next year.
Western automakers including BMW, Audi and Porsche face stiff competition in China from local electric vehicle makers such as BYD and Xiaomi, leading to declining unit sales.
Analysts note that pressures in China could eventually affect Europe as well. German industrial production fell in August, revealing the struggles of the country’s export-driven auto sector.
BMW says its next-generation electric vehicles, including the new iX3 SUV in its Neue Klasse range, will help support future sales.
Samvardhana Motherson shares fell 1.80 points, or 1.73%, to 102.30 around 2:30 p.m. Wednesday,
On Tuesday, on the program "Outfront" by CNN, Ty Cobb, former special advisor to the White House and Criticism of…
A man indicted last month in the 1973 murder of a Connecticut woman has died while serving time for kidnapping…
With the Bihar Assembly elections just months away, the National Democratic Alliance (NDA) is in the final stages of seat-sharing…
Cherylann MollanBBC News, Bombay AndNeyaz FaroqueeBBC News, DelhiGetty ImagesIndia is the largest WhatsApp market and application is almost a way…
Microsoft has delayed the controversial increase in the price of the Xbox Game Pass Ultimate in some countries, but not…
New York (AP) - When New York Yankees needed someone to save them on Tuesday evening, Aaron Judge practically put…