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6/22, 8:47 AM (Source: TeleTrader)
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BMW St.-1.37%

87.34
Chart for: BAY.MOTOREN WERKE AG ST

BMW to reduce production costs by 25% by 2025

BMW is planning on reducing its production costs in order to be more competitive on the global automotive market and to boost its sales compared to rivals like Mercedes-Benz.

"We will reduce production costs per vehicle by 25% by 2025 - based on the 2019 level," Milan Nedeljkovic, who serves on the Bavarian automaker's board of directors, told Handelsblatt on Tuesday. Last year, Mercedes narrowly beat BMW as the best-selling luxury car brand.

Meanwhile, in other automotive news, it was reported that Daimler plans on producing its own battery cells for the company's electric vehicles.

Breaking the News / JC