BMW: confirms forecasts for 2020
(CercleFinance.com) - BMW announced on Wednesday that it suffered an operating loss in the second quarter, resulting from the impact of the coronavirus pandemic on its sales for the period between April and June.
On Wednesday morning the upmarket German carmaker reported a pre-tax loss of 300 million euros for the past quarter, a far cry from a profit of over two billion euros for the same period in 2019.
The group reported car sales that are down 25% to 485,464 units for the second quarter, with sales down 22% to just under 20 billion euros.
BMW has nevertheless confirmed its forecasts for the full year, saying that it is targeting an EBITDA margin of between 0% and 3% for its automotive business, with sales that are "significantly lower" than in FY 2019.
The BMW share was down 2.6% in the early trading, while the Frankfurt DAX index was up around 1% and the STOXX Europe 600 Automobiles & Parts index of European automotive stocks was up 0.9%.
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