BMW to cut antitrust provisions by 1 billion Euro over EU penalties

by SpeedLux
BMW I8 luxury car

BMW said on Thursday it would have to set aside 1 billion euros ($1.2 billion) less than initially thought for expected European antitrust fines for alleged collusion with competitors.

In 2019, the automaker recognized a provision of around 1.4 billion euros for expected fines from an EU investigation into collaboration between German automakers on emission-reduction technologies.

“The major limitation in the scope of the allegations has led to a revaluation of the provision,” BMW said, adding this would lead to a positive effect on revenues of around 1 billion euros in the second quarter.

The 2021 operating profit margin over sales for the automotive sector would be one percentage point higher, as a result, it added.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SpeedLux

SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.

Subscribe

©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.