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MarketScreener Homepage  >  Equities  >  Xetra  >  Bayerische Motoren Werke AG    BMW   DE0005190003

BAYERISCHE MOTOREN WERKE AG

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German ministry wants to extend electric car subsidies - document

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04/18/2019 | 12:05pm EDT
VW e-Golf electric cars are assembled in Dresden

BERLIN (Reuters) - Germany's economy ministry wants to extend subsidies for new electric cars until the end of 2020 in an effort to increase sales, draft guidelines seen by Reuters on Thursday showed.

Germany is trying to boost demand for electric vehicles on environmental grounds and in response to a diesel emissions cheating scandal that has engulfed the country's auto industry, notably Volkswagen but also others including Daimler, in the last three years.

The document, drawn up by the economy ministry, has been sent to other German ministries for approval.

Incentives worth 4,000 euros (£3,459) on the purchase of a new electric car in Germany were introduced in June 2016 and are due to end in June. The draft envisages an extension until Dec. 31, 2020 in largely its current form.

The government and carmakers shared the financing but the 1.2 billion euros earmarked have not yet been used. Some estimates show that less than 500 million euros have been taken up.

The subsidies have helped lift sales but even so, electric cars made up only about 1 percent of new car registrations last year, the KBA motor vehicle authority has said.

The economy ministry declined to comment and referred to previous statements that it would soon communicate details of the incentive programme's future.

(Reporting by Markus Wacket; Writing by Madeline Chambers; editing by John Stonestreet)

Stocks treated in this article : Daimler AG, Volkswagen, Bayerische Motoren Werke AG
Stocks mentioned in the article
ChangeLast1st jan.
BAYERISCHE MOTOREN WERKE AG -1.27% 63.86 Delayed Quote.-8.59%
DAIMLER AG -1.69% 51.25 Delayed Quote.13.53%
VOLKSWAGEN -0.98% 143.3 Delayed Quote.4.16%
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Financials (€)
Sales 2019 98 696 M
EBIT 2019 7 428 M
Net income 2019 5 618 M
Finance 2019 15 475 M
Yield 2019 4,96%
P/E ratio 2019 7,67
P/E ratio 2020 6,48
EV / Sales 2019 0,27x
EV / Sales 2020 0,25x
Capitalization 42 189 M
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Mean consensus HOLD
Number of Analysts 29
Average target price 77,6 €
Spread / Average Target 20%
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Managers
NameTitle
Harald Krüger Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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