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MarketScreener Homepage  >  Equities  >  Xetra  >  BMW AG    BMW   DE0005190003

BMW AG

(BMW)
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BMW management and labour reach agreement to cut costs

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11/27/2019 | 06:50am EST
LA Auto Show in Los Angeles

BMW management and labour have reached an agreement on measures to reduce costs that avoids "drastic measures", the German carmaker said on Wednesday.

BMW had been in talks with labour representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros (£10 billion) by 2022.

The agreement involves reducing a payout scheme for workers based on company profits, as well changes to Christmas and other bonuses for some workers. The measures are effective from 2020.

The announcement comes a day after Volkswagen's luxury car unit Audi said it would cut one in 10 jobs, freeing up billions of euros to fund its shift towards electric vehicle production.

"We have achieved a solution based on solidarity. This allows us to avoid drastic measures that others are currently taking to reduce their costs," CEO Oliver Zipse said.

Carmakers have been struggling with an auto industry downturn, particularly in China, and the need to increase investment in electric vehicles as several countries move to eventually ban conventional combustion engines.

Rival Daimler as well as car suppliers Continental and Osram have also recently announced staff and cost cuts.

(Reporting by Jan Schwarz; writing by Tom Sims; editing by Thomas Seythal and Jason Neely)

Stocks treated in this article : AUDI AG, Volkswagen AG, OSRAM Licht AG, BMW AG, Continental AG
Stocks mentioned in the article
ChangeLast1st jan.
AMS 0.76% 43.69 Delayed Quote.10.47%
AUDI AG -0.74% 802 Delayed Quote.1.00%
BMW AG 0.61% 71.5 Delayed Quote.-2.84%
CONTINENTAL AG -1.03% 113.54 Delayed Quote.-0.47%
OSRAM LICHT AG -0.46% 45.64 Delayed Quote.3.85%
VOLKSWAGEN AG 0.44% 182.16 Delayed Quote.2.91%
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Financials (EUR)
Sales 2019 101 B
EBIT 2019 7 397 M
Net income 2019 5 321 M
Finance 2019 15 485 M
Yield 2019 4,08%
P/E ratio 2019 8,83x
P/E ratio 2020 7,44x
EV / Sales2019 0,30x
EV / Sales2020 0,29x
Capitalization 45 823 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 78,15  €
Last Close Price 71,06  €
Spread / Highest target 66,1%
Spread / Average Target 9,98%
Spread / Lowest Target -16,8%
EPS Revisions
Managers
NameTitle
Oliver Zipse 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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