Following the profit warning from Daimler, BMW is sticking to the outlook for the current year.
The business outlook of the company is unchanged, as the Munich premium manufacturer announced. In view of the discussion about additional tariffs in world trade, BMW continues to evaluate different scenarios and possible strategic options. The forecasts for 2018 assume that the global economic and political conditions will “not change significantly”.
Daimler had announced a profit warning on Wednesday due to higher Chinese import duties on vehicles manufactured in the US surprisingly. Due to import tariffs, the Group’s SUV sales in the important Chinese market are likely to decline. In addition to the trade dispute, the diesel scandal and the new WLTP exhaust and consumption test process are taking their toll on the Stuttgart-based company.
Continue reading “BMW confirms outlook for 2018”
BMW boss Harald Krüger and supervisory board boss Norbert Reithofer have given a breakdown in the exhaust gas purification of a diesel engine, but denied any intention.
“We made a mistake a few years ago,” said Krüger on Thursday at the BMW Annual General Meeting in Munich: In 11 700 BMW vehicles was mistakenly a mismatched software has been installed. The Kraftfahrtbundesamt had ordered in March the recall of the cars because of an inadmissible shutdown device.
Reithofer emphasized that the “technical, human error” did not mean that the emission levels on the test bench would have been lower than those on the road. Krüger said: “It has nothing to do with a targeted manipulation of engine control and exhaust gas purification.” BMW is now waiting for the authorities to approve the corrected software.
Continue reading “BMW top admits diesel error”
German luxury carmaker BMW has been sued in the United States over “defeat devices” installed in tens of thousands of vehicles to cheat in diesel emissions tests, lawyers for the plaintiffs said yesterday.
The case, filed in federal court in New Jersey, will become a class-action once it is certified by a judge.
The suit singles out the BMW X5 and 335D model diesel cars which were sold between 2009 and 2013.
The attorneys at the Hagens Berman firm claim emissions from those cars were as much as 27 times higher than the standard permitted — a fact masked by the “defeat devices” and their “manipulative software”.
Continue reading “BMW sued in US over diesel emissions”