BMW CEO Defends Record After First Automaking Loss in Decade
- Krueger highlights U.S. lead, China sales defying downturn
- Carmaker expects 2019 profit to fall well below year-ago level
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BMW AG’s chief executive officer defended his track record at the company’s annual meeting, highlighting a luxury lead in the U.S. and sales growth through a Chinese downturn, even as the carmaker battles to reverse weaker margins.
BMW is struggling alongside rivals with a drop in demand after years of auto-industry growth, and record spending for a technology transition. After a profit warning last year, the world’s second-biggest luxury carmaker had a tough start to 2019, reducing momentum from an unprecedented model roll-out to a whimper. That and the squandering of BMW’s early lead in electric cars is putting pressure on CEO Harald Krueger to prove his strategy.