BMW expects $1 billion hit to earnings from escalating tariffs
STORY: BMW warned its earnings could take a more than $1 billion hit this year.The German carmaker blamed newly imposed tariffs.It comes as trade tensions escalate between China, Europe and the U.S.BMW forecast an earnings margin for its cars segment of 5-7% for the year.
BMW Says U.S. Tariffs to Hit Auto Segment Profitability
Tariffs implemented from Wednesday will shave about 1 percentage point off the margin on earnings before interest and taxes in the auto division, Chief Financial Officer Walter Mertl said. As a result, the company's EBIT margin is now expected at between 5% and 7%.
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