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Oliver Zipse, CEO of BMW, discusses the company's full-year results, the European automotive industry and tariffs.
BMW is getting crushed in China as rivals like BYD squeeze out foreign carmakers. The German giant is fighting to turn things around, but now has a brewing trade war to contend with.
German carmaker BMW said on Friday it expected tariffs to cost it 1 billion euros this year, while European officials warned the U.S. economy would be the biggest loser if President Donald Trump pursues an "idiotic" trade war.
BMW Chief Executive Officer Oliver Zipse discusses the company's performance in 2024 and plans for 2025. In an interview with Bloomberg's Oliver Crook, Zipse discusses BMW's presence in North America, the potential impact of US tariffs, as well as the company's market share in China.
BMW AG (ETR:BMW) shares were flat in early trading in Frankfurt on Friday after the carmaker warned that profit margins would take a hit from US tariffs and escalating trade tensions. The company expects its automotive earnings margin to be between 5-7% this year, below analysts' forecasts of 7.3%.
BMW expects to report slight sales growth this year but said earnings would remain flat as it faces headwinds from continuing challenges in China and costs related to tariffs and its supply chain.
BMW's Chief Financial Officer said on Friday that the added tariffs on U.S. imports imposed up until March 12 would reduce its earnings margin in the autos segment by one percentage point, according to a copy of his speech seen in advance.
BMW's net profits slumped by more than a third in 2024 as weaker demand in China and Germany weighed on the high-end car manufacturer.
BMW's net profit crashed by over a third in 2024 to 7.68 billion euros ($8.32 billion), in line with market expectations, after a combination of weak sales in China and Germany as well as delivery hold-ups because of problems with a brake dented performance.
German automaker BMW is telling dealers in the U.S. it will absorb the added cost of new tariffs on its imports from Mexico, at least for the next several weeks, the Wall Street Journal reported on Wednesday.