German carmaker slashes profit margin to between -0.5% and 0.5% this year in face of competition from China
The German carmaker BMW has issued its second profit warning in a year, blaming the costs of a restructuring programme including significant job losses in the face of continuing competition from China.
The company is the latest to issue a profit downgrade in the German car sector, after Mercedes-Benz last week cut its profit outlook. Western automakers have struggled to keep pace with lower-cost Chinese rivals, which has led to reduced sales in China and a rise in Chinese exports to Europe.
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