BMW plunges to second-quarter EBIT loss as coronavirus pandemic hits car sales

12Views

August 5, 2020

FRANKFURT BMW said it expected an operating profit for the full year even as coronavirus lockdowns pushed the carmaker to a second-quarter operating loss as deliveries of luxury cars fell 25% during the period.

The Munich-based carmaker said it swung to a 666 million billion euros ($786 million) loss before interest and taxes in the quarter ending June, down from a 2.2 billion euros operating profit in the year-earlier quarter.

BMW reiterated that it expected pretax profit to be significantly below 2019 levels and for car deliveries to customers to fall significantly this year.

In May, the auto maker warned it would post a second quarter loss and slashed its outlook, forecasting an automotive margin on earnings before interest and taxes (EBIT) of 0% to 3% this year, versus the 2-4% before the pandemic.

BMW on Wednesday reiterated its margin guidance for the automotive division.

Also Watch

Ram Mandir Bhoomi Pujan Ceremony: PM Modi Lays Mandir’s Foundation Stone | CNN News18

($1 = 0.8466 euros)

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Array
(
[videos] => Array
(
[0] => Array
(
[id] => 5f2a637cdb1d45129a347138
[youtube_id] => ANqTx_RbYBA
BMW plunges to second-quarter EBIT loss as coronavirus pandemic hits car sales => Ram Mandir Bhoomi Pujan Ceremony: PM Modi Lays Mandir’s Foundation Stone | CNN News18
)

[1] => Array
(
[id] => 5f2a619cdb1d45129a3470d8
[youtube_id] => a-RF2NAfR90
BMW plunges to second-quarter EBIT loss as coronavirus pandemic hits car sales => PM Modi Lays Ram Mandir’s 1st Foundation Stone At Ayodhya | CNN News18
)

)

[query] => https://pubstack.nw18.com/pubsync/v1/api/videos/recommended?source=n18english&channels=5d95e6c378c2f2492e2148a2,5d95e6c278c2f2492e214884,5d96f74de3f5f312274ca307&categories=5d95e6d7340a9e4981b2e10a&publish_min=2020-08-02T11:56:02.000Z&publish_max=2020-08-05T11:56:02.000Z&sort_by=date-relevance&order_by=0&limit=2
)

BMW plunges to second-quarter EBIT loss as coronavirus pandemic hits car sales

Also Watch

Speak Your Mind

LEAVE A REPLY Cancel reply

Get in Touch

Recommend for You

Oh hi there It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

You might also like

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

About Us

Follow Us

Support Us & Be a Patreon

Add QNewsHub to your Homescreen!

Oh hi there
It’s nice to meet you.