BMW reiterated a January prediction for a rise in deliveries this year, though sales have dropped 2 percent through February as the European market declined for a sixth straight month. The shares rose 0.8 percent to 74.36 euros at 2:14 p.m. in Frankfurt, trimming losses over the past year to 8.7 percent. BMW cut its proposed dividend by 50 cents to 3.50 euros per common share. The two of them receive €430,000 annually for their supervisory board activities alone—in addition to the hundreds of thousands they receive each year for their participation on the works council. “BMW may sell a lot of cars, but profit margins are falling,” he told the Landauer Neue Presse. Porsche, presenting its outlook Friday, said a boost to revenue this year from the latest 911 sports car will be partly offset by more complex emissions testing in Europe and fading out its diesel cars. Set It To Music. “By 2022, we will be producing electric motors for over half a million electric vehicles per year in Dingolfing alone,” Zipse declared enthusiastically.
Before it's here, it's on the Bloomberg Terminal. In addition, about 10,000 temporary and contract workers will lose their jobs.
The current contract at BMW, which supposedly guarantees the jobs of every employee, is only valid as long as the BMW group makes an annual profit. Other carmakers are chiming in with cost cuts. Vacant posts will not be filled. BMW is likely to guide for pretax earnings to decrease slightly, Evercore ISI analyst Arndt Ellinghorst said in a note. Mercedes Benz-parent Daimler AG vowed comprehensive cost-cutting measures last month when the company presented its full-year earnings.
Historic open-air laundry in Mumbai, India, Past 30 years, the warmest in past 2,000 years: research, Spotlight: Circular economy key to addressing urban waste crisis, Chinese delegates introduce human rights progress in Xinjiang at UN side-event, Trump questions Britain's handling of Brexit, eyes bilateral trade deal, Voice, data recorders of crashed Ethiopian Airlines jet sent to France for investigation. In the medium term, the number of workers employed in the electric drive unit is to be increased from the current 600 to up to 2,000. (1 euro = 1.13 U.S. dollars), China's national legislature concludes annual session, China's top political advisory body concludes annual session, pooling consensus for development, Xi stresses timely completion of military development goals, Xi joins deliberation with Fujian deputies at annual legislative session, Scenery of mist-enveloped mountain in Fulu, S China's Guangxi, First China-made polar cruise ship tests water, Blossoming flowers herald arrival of spring, 010020070750000000000000011105521378988121, 2019 Abu Dhabi Special Olympics World Games holds opening ceremony. Stephan Quandt is the tenth richest person in Germany. Forty-hour contracts will be reduced to 38 and some employees will be encouraged to waive a collectively agreed additional allowance in favour of eight extra days of vacation. The company will present full earnings on March 20, including its outlook for the current year. In the wake of the recent announcement by many of Germany’s largest manufacturers that they would destroy tens of thousands of jobs, BMW disclosed its own concrete plans and figures. In mid-June, the works council and BMW company management reported the decision to cut 6,000 jobs. However, the works council and company executives announced cuts at BMW at the end of November last year, which were mainly to affect temporary workers and supply-industry employees. The first to lose their jobs will be BMW’s temporary and contract workers. Since the second half of last year, major markets including China and Europe have deteriorated further.
Spending on electric cars and trade wars are sapping BMW's profits . For 2019, BMW's Chief Financial Officer Nicolas Peter is expecting "strong headwinds to continue to effect the entire sector". Currently, autos are being built on platforms compatible with both electric and combustion engines. Internally, some BMW executives have been discussing such a strategy for some time.
It is urgent to confront the management lackeys in the works council and break free from the stranglehold of the IG Metall.
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