BMW’s Hopes for Growth Crushed by Virus as Sales, Margins Drop
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BMW AG abandoned hopes for another record year in sales due to the coronavirus outbreak, predicting deliveries in 2020 will be “significantly below” last year’s levels and profitability at its weakest for years.
The maker of the 7 Series luxury sedan announced shorter shifts and flexible working for employees. It didn’t provide details on any plant closures that have been introduced by peers in the European auto industry.