BMW

Ticker BMW

Today's data summary

Market open
% change
+2.43%
Price Euros
63.61
Change
+1.51
As of 18:59 18 Jun 2019
Market cap. Euros
38,292.90 million
As of 18:59 18 Jun 2019

Latest updates

Electric tie-up between JLR and BMW

BMW
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Jaguar Land Rover and BMW have announced a collaboration over electrification technology.

The said they are joining forces to develop "next generation Electric Drive Units (EDUs)".

"Together, we have the opportunity to cater more effectively for customer needs by shortening development time and bringing vehicles and state-of-the-art technologies more rapidly to market," Klaus Froehlich, BMW board member said.

BMW to 'benefit from tailwinds'

BMW boss Harald Krueger has shrugged off that 78% profits slump with talk of a positive second half. He said:

We are experiencing the impact of high levels of expenditure in numerous areas affecting the entire automotive sector. We expect business to benefit from tailwinds, especially in the second half of the year, as numerous new models become available.

BMW profits slump 78%

BMW logo
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Operating profits at German carmaker BMW slumped 78% in the first quarter after it was compelled to set aside €1.4bn to cover a possible fine from EU antitrust authorities.

The company could be fined as a result of the European Union’s investigation into alleged collusion on cleaner-emission cars.

The firm said profits fell to €589m (£503m) despite higher deliveries of luxury vehicles.

They were also held back by a 36% rise in spending on property, plants and equipment.

But the firm said the second half of the year should brighten with sales of the revamped 3-Series sedan getting underway, as well as the full-size X7 SUV.

Emissions 'collusion'

European flags wave in front of the Berlaymont building - European Commission (EC) headquarter - in Brussels
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The EU competition body has told BMW, Daimler and Volkswagen that, in its preliminary view, they breached EU antitrust rules from 2006 to 2014 by colluding to restrict competition on the development of technology to clean the emissions of petrol and diesel passenger cars.

Commissioner Margrethe Vestager said:"Companies can cooperate in many ways to improve the quality of their products. However, EU competition rules do not allow them to collude on exactly the opposite: not to improve their products, not to compete on quality.

We are concerned that this is what happened in this case and that Daimler, VW and BMW may have broken EU competition rules. As a result, European consumers may have been denied the opportunity to buy cars with the best available technology. The three car manufacturers now have the opportunity to respond to our findings."

The preliminary findings come two years after dawn raids on their premises.

Euro car-makers accelerate on Peugeot-Citreon/Fiat Chrysler tie-up

Cars
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Shares in Euro car-makers are on the up this morning on reports that PSA Group and Fiat Chrysler are exploring a partnership to build motors in Europe.

According to Bloomberg, the companies are holding preliminary discussions to collaborate on the development of a super platform.

On German's Dax index, Daimler has motored up 3.79% while Volkswagen is up 2.98%.

BMW is up 1.99%, while in France, Peugeot has climbed 3.04%.

'Fire risk' warning after recalled BMW parts stolen

Drivers are being warned of a potential fire risk after 150 recalled BMW exhaust coolers were stolen.

Police say the parts were taken on 10 March on Ventura Park Road, Tamworth, Staffordshire.

The force says the coolers had been recalled last year due to a slight chance of a potential fire risk.