BMW cuts profit forecast, expects slight loss to break even
Business
BMW just cut its annual profit forecast sharply and now expects anywhere from a slight loss to breaking even.
This follows an 11% dip in third-quarter earnings, mostly blamed on expensive restructuring and tough competition from Chinese carmakers.
BMW accelerates overhaul after China slump
Sales in China have dropped by 22% this year, pushing BMW to speed up its overhaul, including new models like the iX3 and writing off older tech.
The company also plans to cut 8,000 jobs.
CEO Milan Nedeljkovic says adapting quickly is key right now, especially with how fast the auto industry is changing.