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MarketScreener Homepage  >  Equities  >  Xetra  >  BMW AG    BMW   DE0005190003

BMW AG

(BMW)
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Mexico's auto industry restart gathers steam as lockdown eases

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05/27/2020 | 12:01am EDT
The corporate logo of Ford is seen at Brussels Motor Show

By Sharay Angulo

Mexico's auto industry reopening picked up pace on Tuesday, with Fiat Chrysler and BMW AG joining peers in gradually dusting off operations even as the wait for approvals slowed the return of some companies.

In mid-May, officials said the industry could exit a mandatory coronavirus lockdown before June 1 if safety measures were approved.

However, some Mexican governors have urged caution as new coronavirus infections and deaths ticked higher, in a sign of what is expected to be a bumpy return as complex North American supply chains are linked back together.

Fiat Chrysler on Tuesday began reopening two facilities in the central Mexican city of Toluca after a gradual restart of its operations in the northern city of Saltillo a day earlier, said a company spokesman.

"We are opening up with only 40% of personnel at each plant. It's an orderly and secure reopening, following all the protocols the Health Secretary has given us," he said.

The announcement means two of Detroit's Big Three automakers have begun restarting Mexican operations. The third, Ford, said on Tuesday it was working closely with the government to comply with health protocols.

"We're hoping we can get its approval to operate," the company said in a statement.

In a letter to workers viewed by Reuters, Ford said it has set May 28 as a provisional date for the gradual restart of its plant in Hermosillo, Mexico.

Ford did not immediately respond to a request for comment on the document.

BMW said it would restart operations at its plant in the central Mexican state of San Luis Potosi on May 27.

General Motors Co began opening production lines at its Mexican plants in Ramos Arizpe in the northern state of Coahuila and in the central city of Silao on Thursday.

Japanese automakers Toyota Motor Corp, Nissan Motor Co Ltd and Honda Motor Co Ltd are also restarting in Mexico.

German carmakers Volkswagen and Audi are still awaiting authorization for their plants in Puebla state, whose government said on Friday that conditions "do not exist" yet for a restart.

(Reporting by Sharay Angulo; Additional reporting and writing by Anthony Esposito; Editing by Frank Jack Daniel, Richard Chang and Sherry Jacob-Phillips)

Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG 0.00% 1580 Delayed Quote.97.50%
BMW AG -0.10% 58.22 Delayed Quote.-20.40%
FIAT CHRYSLER AUTOMOBILES N.V. -0.72% 9.69 Delayed Quote.-26.56%
GENERAL MOTORS COMPANY 1.13% 27.86 Delayed Quote.-23.88%
HONDA MOTOR CO., LTD. -1.48% 2722 End-of-day quote.-12.17%
LINE CORPORATION 0.00% 5410 End-of-day quote.1.12%
NISSAN MOTOR CO., LTD. 0.10% 416.5 End-of-day quote.-34.52%
THE NEW HOME COMPANY INC. 3.61% 4.02 Delayed Quote.-13.73%
TOYOTA INDUSTRIES CORPORATION -0.32% 6160 End-of-day quote.-2.69%
TOYOTA MOTOR CORPORATION -1.43% 7181 End-of-day quote.-6.91%
VOLKSWAGEN AG 0.17% 138.98 Delayed Quote.-21.14%
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Financials
Sales 2020 94 204 M 112 B 112 B
Net income 2020 2 580 M 3 055 M 3 055 M
Net cash 2020 16 708 M 19 783 M 19 783 M
P/E ratio 2020 14,5x
Yield 2020 2,18%
Capitalization 37 678 M 44 578 M 44 613 M
EV / Sales 2020 0,22x
EV / Sales 2021 0,21x
Nbr of Employees 133 778
Free-Float 57,3%
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Number of Analysts 27
Average target price 66,24 €
Last Close Price 58,22 €
Spread / Highest target 106%
Spread / Average Target 13,8%
Spread / Lowest Target -40,4%
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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
Sector and Competitors
1st jan.Capitalization (M$)
BMW AG-20.40%44 578
TOYOTA MOTOR CORPORATION-6.91%190 548
VOLKSWAGEN AG-21.14%86 443
DAIMLER AG-14.39%53 542
HONDA MOTOR CO., LTD.-12.17%44 646
GENERAL MOTORS COMPANY-24.73%39 427