March 20, 2019 / 9:02 AM / a month ago

BMW warns of significant profit fall in 2019 seeks 12 bln eur in cuts

MUNICH, March 20 (Reuters) - BMW on Wednesday said it expected group pretax profit to fall by more than 10 percent in 2019 and announced a sweeping 12 billion euros ($13.6 bln) cost savings and efficiency plan to help offset higher technology investment and currency costs.

Last week BMW said it would step up cost cutting in anticipation of a difficult year, as it reported a 7.9 percent fall in 2018 operating profit.

BMW said it would expand group-wide efforts to increase efficiency and lower costs. “By the end of 2022, it expects to leverage potential efficiencies totalling more than 12 billion euros,” BMW said in a statement. ($1 = 0.8811 euros) (Reporting by Edward Taylor Editing by Tassilo Hummel)

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