BMW to delay opening of Hungary plant to save cash

BMW will put investments on hold as it looks forward to conserve cash to counter a decline in demand caused by the spread of Covid-19 coronavirus pandemic, Chief Financial Officer Nicolas Peter said.

“In light of the existing situation, we will be delaying a number of projects, like the plant in Hungary. Other projects will be carefully reviewed,” Peter said on a call to talk about first quarter earnings.

BMW closed the auto plant in Hungary to help reduce the spread of coronavirus which has infected 3,111 people and killed 373 in the country.