国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Auto Data

Weak China sales may force BMW to revise full-year profit targets

(Agencies) Updated: 2015-08-05 11:19

Bayerische Motoren Werke AG said slowing sales in China may force it to revise this year's profitability goals, challenging new Chief Executive Officer Harald Krueger as he seeks to defend his lead in the global luxury car industry.

Earnings before interest and taxes from automaking are still expected at 8 percent to 10 percent of sales, though "if conditions on the Chinese market become more challenging, we cannot rule out a possible effect" on the forecast, the Munich-based manufacturer said on Tuesday.

BMW has cut production by 16,000 cars in China, its biggest market, Chief Financial Officer Friedrich Eichiner said on Tuesday.

After a stock market rout discouraged customers from making large purchases, those still buying are demanding bigger price cuts, Eichiner said.

Carmakers' sales in China may drop in 2015 for the first time since 1998, Ford Motor Co said in late July.

"BMW has been bitten the most by the economic slowdown in China," Michael Raab, a Frankfurt-based analyst at Kepler Cheuvreux, said in a note. "BMW missed market expectations on most of its key metrics."

The second-quarter margin on automaking fell short of analysts' expectations due to a combination of the aging 7-Series sedan, due to be refreshed this year, and slowing growth in China, Raab said. The company's second-quarter margin on automaking narrowed to 8.4 percent, the lowest level since 2009, compared with 11.7 percent last year.

BMW's margin trailed Mercedes-Benz AG and Audi AG, which reported respective returns on sales of 10.5 percent and 9.8 percent.

The planned new 7-Series is part of BMW's drive to refresh its model line. Luxury-car manufacturing competitors such as Daimler AG are winning buyers with new products such as the latest generation of the Mercedes C-Class mid-size sedan.

"We're still under pressure in China," said Stuart Pearson, a London-based analyst with Exane BNP Paribas. "It's not just a BMW issue, but it's still going to be a wakeup call."

The Chinese car market is slowing more quickly than BMW expected, Krueger told reporters in a conference call on Tuesday.

Industrywide auto sales in China fell 3.2 percent last month, the first decline in more than two years.

The country's auto market has been the key growth driver for luxury-car makers in recent years.

Audi and BMW both reported sales declines for June in China, while demand at Mercedes jumped 39 percent, albeit from a much lower base.

BMW's second-quarter group earnings before interest and tax fell 3 percent from a year earlier to 2.53 billion euros ($2.77 billion). Profit matched the 2.54 billion-euro average of 10 analyst estimates compiled by Bloomberg. Revenue jumped 20 percent to 23.9 billion euros.

Krueger, 49, succeeded Norbert Reithofer as CEO in May. In addition to the economic slowdown, he's contending with potential new competitors, such as technology companies Apple Inc and Google Inc, that are studying whether to enter the auto industry.

BMW is battling to maintain its lead in global luxury car sales, which it has held since overtaking Mercedes in 2005.

Spending requirements for new technology such as self-driving cars and vehicles with electric engines like the i8 sports car are pushing the manufacturer and its rivals into cost-saving initiatives to maintain profitability levels.

Hot Topics

Editor's Picks
...
雷山县| 朔州市| 五寨县| 河间市| 康乐县| 邹平县| 忻州市| 通江县| 宜兴市| 城固县| 阜南县| 平凉市| 凤台县| 靖边县| 浦江县| 永善县| 赣榆县| 巫山县| 阿尔山市| 横山县| 博兴县| 平山县| 宁远县| 大同县| 慈利县| 手游| 汉寿县| 托克逊县| 云梦县| 新和县| 庆元县| 永福县| 呼图壁县| 绥化市| 长泰县| 梅州市| 喜德县| 府谷县| 彭阳县| 巩留县| 桓仁|