The Board of Management of BMW AG today updated its guidance for the financial year 2020 to zero earnings on automobiles. In 2019, the BMW Group sold over 2.5 million passenger vehicles and more than 175,000 motorcycles worldwide. The profit before tax in the financial year 2019 was € 7.118 billion on revenues amounting to €104.210 billion. As of 31 December 2019, the BMW Group had a workforce of 126,016 employees.
“The decisive factor for the adjustment is that the measures to contain the corona virus pandemic are lasting longer in several markets and are thus leading to a broader negative impact than was foreseeable in mid-March, BMW said in a statement. “It is therefore apparent that delivery volumes in these markets will not-as was previously assumed-return to normal within a few weeks.”
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COVID! GM Q1 Earnings Drop -89% to $0.17 a Share
It’s going to be a long year of going backwards.
General Motors today posted EPS-diluted of $0.17 and EPS-diluted-adjusted of $0.62. The COVID-19 impact on EBIT-adjusted was $(1.4) billion. GM ended quarter with $33.4 billion in automotive liquidity as the global economy headed toward a depression. In March GM suspended production and cancelled earnings projections for the entire year.
First Quarter 2020 results
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