The German carmaker is forced to cut its annual financial targets due to a faulty brake system that has led to recalls and delivery halts affecting 1.5 million vehicles.
German premium carmaker BMW was forced to cut its annual targets on Tuesday due to a faulty brake system that led to recalls and delivery suspensions affecting 1.5 million vehicles.
In 2024, vehicle deliveries are expected to “slightly decline” by one year, which will impact the company’s profitability, as the operating margin in the automotive business, the group’s flagship division, is now expected to be in the range “of 6% to 7%”, compared to 8% to 10% previously, according to a press release. On the stock exchange, BMW shares lost almost 8% following this announcement.
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Source: BFM TV
