BMW AG and Volkswagen AG are facing up to difficult cost cuts needed to fund the unprecedented transition to electrifying their fleets.
BMW shares sank on Wednesday, dragging down its peers, after the luxury carmaker said it will embark on a 12 billion-euro ($14 billion) efficiency drive to pay for future battery-powered cars. Trade wars and an industry slowdown are sapping the profit margins essential to funding the shift, the company said.
