More Auto Gloom from BMW and Jaguar
Germany's BMW announced a 63% fall in quarterly profits, and Jaguar will extend voluntary furloughs to up to 600 workers in Britain
There was more doom and gloom from the automotive industry yesterday as BMW admitted a sharp fall in profits and Jaguar announced plans to extend its voluntary redundancy scheme to up to 600 staff.
The German luxury car manufacturer blamed weakening global economies and falling consumer spending for third-quarter profits down by 63 per cent to €298m (£241m) on sales down by 4.2 per cent. The group is to cut production by some 40,000 units this year and will no longer beat last year's sales volumes.
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