November 7, 2018 / 9:16 AM / 8 months ago

BMW says additional cost measures needed to meet profit targets

FRANKFURT, Nov 7 (Reuters) - BMW will seek additional savings to bring down costs as the carmaker seeks to offset higher spending on the launch of new electric and conventional cars this year, Chief Financial Officer Nicolas Peter said on Wednesday.

“On the cost side, we began implementing countermeasures early on. In addition to prioritising more quickly, we also decided on a number of short and long-term measures in recent months,” Peter said in a call to discuss third-quarter results.

“Additional measures will be needed to support our profitability targets,” Peter said. (Reporting by Edward Taylor, editing by Riham Alkousaa)

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