Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Board member says BMW to cut production cost per vehicle by 25%

Published 06/21/2021, 01:58 PM
Updated 06/21/2021, 02:00 PM
© Reuters. FILE PHOTO: A logo of German luxury carmaker BMW, is seen ahead of the company's annual news conference in Munich, Germany, March 20, 2019. REUTERS/Michael Dalder/File Photo

FRANKFURT (Reuters) - BMW plans significant production cost cuts by the middle of the decade, one of the German carmaker's board members said, in a bid to become more competitive with Volkswagen (DE:VOWG_p), Daimler (OTC:DDAIF) and Tesla (NASDAQ:TSLA).

"We will lower the production costs per vehicle by 25% by 2025 - compared with the level in 2019," Milan Nedeljkovic, BMW's board member in charge or production, was quoted as saying by German newspaper Handelsblatt.

Last month BMW said it remained on course to meet its profit targets for 2021, despite rising raw material costs, although a global chip shortage will worsen and may hit production in the second quarter.

Latest comments

I don't believe this is possible...
Sounds good... if you're an investor, hard to imagine they'd be able to maintain their luxury and quality while doing that, not to mention assembly employment levels
haha u are absolutely right. unless your present margin are in absolutely ridiculous stage !
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.