BMW Caves In to Trade, Pricing Pressures With Profit Cut
- Carmaker expects “moderate” decline in 2018 pretax profit
- Widespread discounting in Europe due to new emissions tests
This article is for subscribers only.
BMW AG cut its profit forecast, becoming the latest carmaker to succumb to pressures ranging from trade wars to scrutiny on emissions. The shares fell the most in over two years.
International trade conflicts are making consumers skittish, eating into demand more than it expected when it first warned on its profit goals in early August, BMW said Tuesday in a statement.