BMW to Accelerate Job Cuts Amidst Declining Profits and Demand in China
Summary
BMW will accelerate its planned job cuts after third-quarter profits fell 15% amid intensifying competition and weakening demand in China. The company is also stepping up restructuring as sales and vehicle deliveries decline worldwide, especially in its biggest market.
Key Points
- BMW said it will speed up its planned job cuts as it faces weaker demand and tougher competition, especially in China.
- Third-quarter net profit fell about 15% to 1.45 billion euros, while sales dropped 6% to 30.5 billion euros.
- Vehicle deliveries fell 6.3% globally and 24.8% in China during the period.
- BMW says it wants a leaner structure and is transferring more of its China supply chain to China to regain market share.
