BMW expects a hit to revenues of up to half a billion euros ($579 million) in 2019 if tariffs between the United States and China stay in place, Chief Financial Officer Nicolas Peter informed Automobilwoche magazine.
Tariffs between the United States and China have struck exports of sport-utility vehicles from its U.S. plant in Spartanburg, South Carolina, to China, resulting in a hit to revenues of just below 300 million euros, Peter stated, as per an extract of an article.
“If the tariffs remain in 2019, it could have a full-year impact of half a billion euros,” Peter included.
In September, BMW cut its financial guidance, stating it now expected pre-tax profit to drop this year, putting blame on the trade war between China and the United States and a cost war in the automobile market.
