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    BMW   DE0005190003

BMW AG

(BMW)
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Board member says BMW to cut production cost per vehicle by 25%

06/21/2021 | 01:58pm EDT
FILE PHOTO: A logo of German luxury carmaker BMW, is seen ahead of the company's annual news conference in Munich

FRANKFURT (Reuters) - BMW plans significant production cost cuts by the middle of the decade, one of the German carmaker's board members said, in a bid to become more competitive with Volkswagen, Daimler and Tesla.

"We will lower the production costs per vehicle by 25% by 2025 - compared with the level in 2019," Milan Nedeljkovic, BMW's board member in charge or production, was quoted as saying by German newspaper Handelsblatt.

Last month BMW said it remained on course to meet its profit targets for 2021, despite rising raw material costs, although a global chip shortage will worsen and may hit production in the second quarter.

(Reporting by Christoph Steitz; Editing by Alexander Smith)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BMW AG 1.22% 84.9 Delayed Quote.17.54%
DAIMLER AG 1.54% 76.44 Delayed Quote.30.26%
TESLA, INC. 3.27% 709.67 Delayed Quote.-2.62%
VOLKSWAGEN AG 0.12% 205.75 Delayed Quote.34.99%
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Financials
Sales 2021 109 B 129 B 129 B
Net income 2021 8 093 M 9 607 M 9 607 M
Net cash 2021 18 769 M 22 282 M 22 282 M
P/E ratio 2021 6,63x
Yield 2021 4,41%
Capitalization 55 332 M 65 762 M 65 687 M
EV / Sales 2021 0,34x
EV / Sales 2022 0,29x
Nbr of Employees 120 726
Free-Float 57,3%
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Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 84,90 €
Average target price 102,69 €
Spread / Average Target 21,0%
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Managers and Directors
Oliver Zipse Chairman-Management Board
Nicolas Peter Chief Financial Officer
Norbert Reithofer Chairman-Supervisory Board
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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