Reported 30 days ago
BMW has revised its profit margin outlook for 2024 to between 6% and 7%, down from 8% to 10%, due to slowing demand in China and significant braking system issues supplied by Continental. The company's shares fell nearly 12%, hitting a near two-year low, while Continental's shares dropped over 10%, impacting broader European auto stocks. BMW noted that over 1.5 million cars are affected, leading to substantial warranty costs in the third quarter.
Source: YAHOO