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8/5, 7:53 AM (Source: TeleTrader)
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BMW St.-0.12%

63.93
Chart for: BAY.MOTOREN WERKE AG ST

BMW Q2 revenue down 22% YoY to €20B

Bayerische Motoren Werke AG, more commonly known as BMW, reported on Wednesday its revenue in the second quarter of fiscal 2020 fell 22% to €19.97 billion. Net profit tumbled into the negative territory to a loss of €212 million, or a negative €0.35 per share. The automaker said it delivered 485,464 vehicles in the first half of the year, a 25% drop per annum.

The group reaffirmed its outlook for the whole year, noting that worldwide deliveries for the automotive segment in 2020 are likely to be significantly lower than one year earlier. The workforce is also expected to be smaller than the level recorded last year.

"Our swift responsiveness and consistent management strategy enabled us to limit the impact of the corona pandemic on the BMW Group during the first half of the year," BMW chairman Oliver Zipse said in the press release. "We are now looking ahead to the second six-month period with cautious optimism and continue to target an EBIT margin between 0 and 3% for the Automotive segment in 2020. We are monitoring the situation very closely and managing production capacities in line with market developments and regional fluctuations in customer demand."

Breaking the News / MD