BMW, the German carmaker, has issued its second profit warning within a year, the Guardian reported, citing the expense of a restructuring effort that involves 8,000 job cuts. The company said it expects its profit margin this year to fall to between -0.5% and 0.5%, as it faces ongoing pressure from Chinese rivals. According to the Guardian, BMW is the most recent German automaker to reduce its outlook, following a similar move by Mercedes-Benz last week. Western manufacturers have found it difficult to match lower-cost competitors from China, contributing to weaker sales in China and increased Chinese exports to Europe, the Guardian reported.
Source: The Guardian.
