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BMW talk of a positive second half

by LLB Reporter
7th May 19 12:05 pm

Car manufacture BMW has said they expect profits will be down on 2018 as the German car giant put aside €1.4bn to cover the cost of a potential fine from the European Commission.

The European Commission concluded that BMW had colluded with Volkswagen to block new emissions technology over dieselgate.

The manufacturer will contest any fine that is imposed as they said the talks the engaged with were in fact for the benefit of the environment.

BMW said, “The participating engineers from the manufacturers development departments were concerned with improving exhaust gas treatment technologies.

“Unlike cartel agreements, the whole industry was aware of these discussions.”

During the fist quarter BMW posted pre-tax profits at €762m down by 78%, group revenues slightly fell by 0.9% to €22.5bn.

Harald Krueger, chairman for BMW said, “In operational terms, we remain firmly on course and expect business to benefit from tailwinds, especially in the second half of the year, as numerous new models become available.

“At the same time, we are experiencing the impact of high levels of expenditure in numerous areas affecting the entire automotive sector.

“In addition, it has also been necessary to recognise a provision relating to ongoing proceedings of the EU Commission.”

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