BMW.DE - Bayerische Motoren Werke Aktiengesellschaft

XETRA - XETRA Delayed Price. Currency in EUR
66.35
-0.77 (-1.15%)
At close: 5:35PM CEST
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Previous Close67.12
Open67.01
Bid66.49 x 0
Ask66.51 x 0
Day's Range66.35 - 67.15
52 Week Range61.14 - 86.74
Volume1,021,513
Avg. Volume1,804,843
Market Cap43.08B
Beta (3Y Monthly)0.88
PE Ratio (TTM)6.13
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield3.50 (5.25%)
Ex-Dividend Date2019-05-17
1y Target EstN/A
  • Bloomberg8 hours ago

    The New Mini Cooper SE Is BMW’s Best Electric Effort Yet

    (Bloomberg) -- Last Saturday, after the first day of Formula E races in Brooklyn, N.Y.’s Red Hook section, when the heat had so baked into the city’s asphalt it felt like the inside of a cast-iron pot, I, too, was able to get behind the wheel of the future: the all-electric Mini Cooper SE.BMW Group’s next shot at the all-electric, daily driving market for the masses—its 2013 release of the i3 city car was an underpowered flop—is positioned as a $36,400 challenger to the Tesla Model 3, the current segment leader.I drove a near-production prototype for some laps on the 2.5-mile track built to host the Formula E cars all weekend and can safely report: It’s a Mini. It’s neither imposing to behold nor bold from behind the wheel. What you expect is what you get, minus a bill at the pump.The LooksWith its endearing round headlights, the miniature two-door, rear-hatch body, and the friendly flat roof of every Mini you’ve come to know and love, the brand-new electric Mini Cooper SE is as familiar as ever, down to the premium accoutrements that come standard: LED headlamps, multizone automatic air conditioning, auxiliary heating, electric parking, and connected navigation looped through a futuristic central and very Mini-esque round touchscreen.Some differences: The body of the new Mini Cooper sits 18 millimeters (less than an inch) higher than its counterparts, due to some engineering requirements for placement of the electric battery and motor. And it has short overhangs and widely set wheels to set it apart as the first purely electrically powered Mini, though I don’t expect you’ll notice right away—I certainly didn’t. The production version will offer three different trim levels and a host of sporty color mixes.There will also be a distinctive sound created especially for the Mini Cooper SE, generated via a speaker system that guarantees “an acoustic presence on the road that is typical of Mini,” as BMW puts it.The PerformanceThat evening in Brooklyn, I didn’t hear anything. And due to the controlled nature of the session—it was a lead-and-follow exercise with a few fellow journalists—I can’t speak to the day-to-day nature of this little beaut. But the 181-horsepower front-wheel-drive coupe has the acceleration (zero-62 mph in 7.3 seconds), low center of gravity, and intense agility of a go-kart, even if the top speed is limited to a paltry 93.2 mph. I can hit that on my buddy’s Vespa.Speed aside, I liked how the 135-kilowatt battery sits deep in the car, so there’s no obstructions along the bottom center of the floor, and the luggage compartment at the back is just as welcoming and spacious as that of any other Mini. Four driving modes, including Sport and Green, enhanced the experience as I twisted the Mini around the track; I selected them via a switch located on the right side of the starting button.While charging capacities went untested during the event—BMW says it can hit 80% charge in 35 minutes—I can, however, vouch that the regenerative braking on the Mini Cooper SE is much improved over the nausea-inducing version I suffered in an earlier prototype years ago. Where those were so abrupt it felt like whiplash every time I lifted my foot off the gas, these were almost smooth.What’s more, you can adjust the amount of braking regeneration (read: the level of abruptness) you want to deal with on any given drive by playing with the toggle switch positioned to the left of the start/stop switch. It means you can drive with just one foot, if you want, allowing the car to slow and even stop by just letting off the gas.All this with battery range of 168 miles, so the electric Mini Cooper SE heralds the electrified vehicle most feasible as a daily driver yet from a BMW Group brand. It will go on sale in early 2020.   To contact the author of this story: Hannah Elliott in New York at helliott8@bloomberg.netTo contact the editor responsible for this story: Justin Ocean at jocean1@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Why Formula E matters to brands like Porsche, Jaguar and Tag Heuer
    Yahoo Finance3 days ago

    Why Formula E matters to brands like Porsche, Jaguar and Tag Heuer

    Despite Jean-Éric Vergne back to back world championship, the 2018-2019 Formula E season was especially exciting, resulting in a season that had 8 different winners over the span of 13 races. And while exciting is good for motorsports, that’s not the only reason why big manufacturers and brands spend small fortunes to compete in, and sponsor, motorsports.

  • Bloomberg6 days ago

    VW-Ford Alliance Expansion Shows Carmaker Partnerships Are Here to Stay

    (Bloomberg) -- A long history of failed automotive mergers and tie-ups -- from Daimler-Chrysler, to GM-Fiat and BMW-Rover -- used to be reason to doubt that combinations or partnerships between big carmakers were a good idea.But as the world’s biggest manufacturers anticipate an age of increasingly electric, autonomous and shared vehicles, they’re increasingly becoming bedfellows.Volkswagen AG and Ford Motor Co. have scheduled a press conference in New York on Friday after months of talks about joining forces to develop self-driving and electric vehicles. Aligning with one another in the burgeoning fields would build on an existing partnership to work together on commercial vans and trucks.The expanding alliance between the world’s No. 1 and America’s No. 2 car companies is only the latest example of the auto industry giants joining forces to cope with the transformation sweeping their industry. The transition is going to be costly: Since 2010, more than $14 billion has been invested in autonomy and mobility technologies, according to BloombergNEF.“BMW and Daimler are pairing up and matching up on their autonomous-vehicle program, as are Toyota and Uber, and you’ve seen GM and Honda, and now VW and Ford,” said Mike Ramsey, an automotive consultant at Gartner Inc. “That leaves Hyundai and Kia hunting around desperately for partners. And then the remainder, like FCA and PSA.”Here’s a rundown of some of the most noteworthy tie-ups of the last few years among the world’s leading automakers:BMW-Daimler DealsBMW AG and Daimler AG vowed earlier this month to team up on developing cars capable of traversing highways without human intervention starting in 2024. While drivers will remain behind the wheel, the companies said their vehicles will be able to navigate highways and park on their own.The luxury-auto arch rivals also agreed to pour more than 1 billion euros ($1.1 billion) into the car-sharing and ride-hailing businesses they combined to form one joint venture earlier this year to compete with the likes of Uber Technologies Inc. and Lyft Inc.Fiat’s Renault FlirtationFiat Chrysler Automobiles NV -- already an Italian-American amalgam -- pursued a merger with Renault SA earlier this year, though the potential deal abruptly collapsed last month due to the French state’s intervention and concern about the implications for Renault’s existing alliance with Nissan Motor Co. and Mitsubishi Motors Corp.Still, it may be too soon to write off the idea. Renault and French Finance Minister Bruno Le Maire have said talks with Fiat Chrysler could resume once the Renault-Nissan alliance is on firmer footing. Fiat Chrysler Chairman John Elkann told Italian newspaper La Stampa this week called the attempt to merge with Renault an “act of courage.”BMW’s Other BlocsNearly two years before Fiat Chrysler’s merger proposal with Renault, the company entered a coalition led by BMW that’s creating an autonomous-vehicle platform slated to be launched in 2021. Other members of the collaboration include Intel Corp., Aptiv Plc, Continental AG and Magna International Inc.And that’s not all for BMW. Jaguar Land Rover announced in June it will team up with the German automaker to work on its fifth generation of electric-drive technology, which is set to roll out next year with an electric X3 crossover.Daimler Joining GeelyDaimler decided earlier this year to transform Smart, its struggling small-car division, into an all-electric brand rooted in China with the help of its largest shareholder, Zhejiang Geely Holding Group.The two groups also agreed last October to enter China’s ride-hailing and car-sharing business by forming a 50-50 venture. They plan to levereage models including the Mercedes-Benz S-Class and E-Class and the ultra-luxury brand Maybach to battle market leader Didi Chuxing.Honda Hitching RidesEven Honda Motor Co. has pivoted from the go-it-alone approach that it stuck to for decades. The Japanese automaker joined an existing venture between Toyota Motor Corp. and SoftBank Group Corp. earlier this year.Last fall, Honda committed to investing $2.75 billion in General Motors Co.’s Cruise self-driving unit. The two already were working together on electric-vehicle batteries and hydrogen fuel cell systems.Toyota’s Electric-Car CooperationToyota, whose battery-powered RAV4 partnership with Tesla Inc. ended up being a short-lived clash of polar-opposite business cultures, entered another electric-vehicle alliance in 2017 with Mazda Motor Corp.Months after announcing the Mazda pact, Toyota added Suzuki Motor Corp. to the mix, with the two saying they plan to bring electric vehicles to China and India beginning in 2020. And in June, Toyota added Subaru Corp. to its stable of EV partners.\--With assistance from Keith Naughton.To contact the reporter on this story: Kyle Lahucik in Southfield at klahucik3@bloomberg.netTo contact the editor responsible for this story: Craig Trudell at ctrudell1@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • TheStreet.com6 days ago

    Daimler Shares Tumble After Second Profit Warning, European Carmakers Slump

    Daimler shares traded in Frankfurt Friday after the luxury carmaker issued its second profit warning in as many months as it joins domestic rival BMW in seeing significant headwinds in 2019.

  • Bloomberg7 days ago

    Donald Trump Throws a Tax Bomb at Emmanuel Macron

    (Bloomberg Opinion) -- President Donald Trump has been hunting for reasons to extract trade concessions from the European Union with the eagerness of a dog scrabbling around for a bone buried in the back yard.First came Germany’s $24 billion car trade surplus with the U.S., with Trump coming close to labeling the import of cars made by BMW AG, Mercedes and Volkswagen AG as a threat to America’s national security (before he granted a reprieve). Then there was a World Trade Organization ruling on Airbus SE’s long-running subsidy fight with Boeing Co., which gave the White House enough ammunition to threaten tariffs on at least $11 billion in European goods under the cloak of fair trade.Now U.S. officials have found a new angle of attack: European digital taxes, specifically France’s. The French are about to impose a 3% levy on sales made in the country by tech companies with more than 750 million euros ($845 million) of global revenue. The likes of Alphabet Inc.’s Google and Apple Inc. have been up in arms about what they describe as an unfair tariff on Silicon Valley. And now they’ve been joined by their government, which is starting a probe of the French tax under Section 301 of the U.S. Trade Act, alleging harm against American interests.The choice of weapon is telling. Trump has used this type of inquiry against China to attack it with unilateral tariffs. This isn’t about patiently waiting for a ruling from the WTO, this is the stuff of trade wars.While the French initiative certainly has flaws, Paris is also being singled out for political and tactical reasons. Several other countries are introducing a digital tax too, and France would happily ditch its levy in favor of an OECD solution. What’s really motivating Trump’s team is the chance to drive a wedge between the French president Emmanuel Macron and his euro zone partners. Germany has held back from introducing a tech tax of its own, no doubt fearful of U.S. retaliation, while Ireland – whose low corporate tax rates are a magnet for tech giants – has fought hard against the idea. Remember too that Macron makes a virtue of opposing Trump. He was the only European leader to openly object to starting trade talks with the U.S., and he’s fighting to keep the Iran nuclear deal alive. The tech tax is just another way for Trump to apply counter-measures.What happens next is a big test of whether Europe will stand by France despite the obvious divide and rule tactics from the White House. The EU’s Competition Commissioner Margrethe Vestager had spoken approvingly of national digital taxes despite fears that they might distort competition, but her term ends soon. Europe’s leaders need to demonstrate that multilateralism still counts in an era of bilateral arm-twisting. In the longer term that means trying to maintain a global trading system (even a shrunken one) that’s based on shared values that run counter to Trump’s.Zaki Laidi, an international relations professor at Sciences Po in Paris, has called for a “Euro-Pacific Partnership,” bringing together Canada, the EU, and the remaining countries in the Trans-Pacific Partnership. This would support the WTO (which is under siege by the Americans), comply with the Paris climate accords, and reform dispute settlement procedures rather than rip them up. As for tech, an EU or OECD agreement on digital taxes would make more sense than messy national solutions – and would avoid Trump’s opportunistic singling out of individual victims.Unfortunately, this is all easier said than done. The U.S. president is showing no signs of easing his tariff barrage and the trade-dependent EU economy is stuttering, making it easier for him to apply pressure. Trump is a true test of European unity, and Europe hasn’t passed it yet.To contact the author of this story: Lionel Laurent at llaurent2@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Lionel Laurent is a Bloomberg Opinion columnist covering Brussels. He previously worked at Reuters and Forbes.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • BMW unveils the first all-electric Mini with the Cooper SE
    TechCrunch9 days ago

    BMW unveils the first all-electric Mini with the Cooper SE

    The new MiniCooper SE is the brand's first purely electric small car, with a range ofbetween 235 and 270 kilometres (146 to 168 miles) and a fast-charing possibleat up to 50 kW

  • Benzinga10 days ago

    Industry Shift: With Four Departures This Year, Who Is The Longest-Tenured Automotive CEO?

    Bayerische Moto/S ADR (OTC: BMWYY ) CEO Harald Krüger’s announcement last week that he will step down as head of luxury carmaker BMW is the latest in a string of auto company CEO turnovers — the fourth ...

  • CannTrust facility fails inspection, BMW CEO leaving, Fiverr gets mixed ratings
    Yahoo Finance10 days ago

    CannTrust facility fails inspection, BMW CEO leaving, Fiverr gets mixed ratings

    CannTrust, BMW, Fiverr, CrowdStrike and Sony are the companies to watch.

  • Slow Transition to Electric Fells BMW’s CEO After Just One Term
    Bloomberg13 days ago

    Slow Transition to Electric Fells BMW’s CEO After Just One Term

    (Bloomberg) -- When BMW AG picked Harald Krueger to run the company more than four years ago, he was the perfect candidate. Young, with a personable manner and decades of experience across the company, Krueger appeared ready to guide the venerable luxury carmaker into a future of electric, self-driving and shared automobiles.But on Friday -- two weeks before his contract came up for renewal -- Krueger quit. Instead of leading the company through the biggest upheaval in a generation, he was felled by the transition as he failed to provide a roadmap to the future. In his farewell note, he cited the “enormous exertion” demanded of BMW employees as the company grapples with the unprecedented demands of the shift.In the past few years, the industry “has been shaped by enormous changes, which have brought about more transformation than in the previous 30 years,” Krueger said in the note.Krueger, 53, inherited a company at the top of its game. Under the previous CEO -- now chairman -- Norbert Reithofer, BMW had outsold Mercedes-Benz and Audi for a decade. The company was a pioneer in electric vehicles with the i3 city car introduced in 2013. It was the first major automaker to use lightweight carbon fiber in mass-market models. And its traditional business of sumptuous-but-sporty sedans and SUVs was as robust as ever.But soon after Krueger took over, sales of the i3 hit a wall, calling into question the electric push. The plan to use carbon fiber turned out to be too costly. The strong-willed Reithofer never really exited the stage. The diesel crisis that shook rival Volkswagen AG sullied the reputation of the entire German car industry, and more recently the U.S.-China trade spat has hit profits.“The path BMW set out for Krueger wasn’t easy,” said Frank Biller, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart. “BMW has traditionally picked executives with less emotional flair and more of a technical, engineering background. Car electrification is a very emotional topic.”As Krueger puzzled over how to reinvent BMW for the electric age, it was almost a year before he presented his strategic vision — which was a bust. He delayed BMW’s next major electric car, effectively squandering its leadership in the field. Key engineers quit to set up an electric-vehicle startup. And to help pay for the shift, Krueger doubled down on gas-guzzling, super-charged luxury cars such as the 8-Series sports car and full-size X7 SUV.At Krueger’s first major public appearance, at the Frankfurt car show in September 2015, the CEO collapsed on stage minutes into a presentation. He blamed the episode on dehydration and too many hours flying, but it was an apt metaphor for his leadership, and the event haunted him with obvious discomfort speaking publicly in the months that followed.Squandered LeadThe company has since watched Daimler AG reclaim the luxury crown. Tesla Inc. has become the face of the electric-car revolution. And everyone from Ford Motor Co. to Ferrari NV is rushing to develop electric models, with scores of new offerings scheduled to hit the market in the next five years.“BMW took its head start in electric cars for granted and then failed to hit the accelerator again when needed,” said Christian Ludwig, an analyst at Bankhaus Lampe in Bielefeld, Germany.Krueger’s departure serves as a warning to the new executives running at least a half-dozen of the industry’s top companies. Electric vehicles offer nowhere near the same returns as combustion vehicles. And selling electrics remains a struggle without major incentives as consumers balk at patchy charging infrastructure, high prices and limited driving range.Like Krueger, most of the new executives come from engineering backgrounds. But they’ll be required to master technology-driven trends such as ride-hailing, while contending with Silicon Valley giants like Tesla, which is aiming at BMW’s bread-and-butter 3-Series sedan and VW’s Golf with its Model 3, and Waymo, the self-driving unit of Alphabet Inc.Profit WarningsAt Daimler, new CEO Ola Kallenius, 50, issued the company’s third profit warning in a year, citing provisions to cover recalls of diesel cars that need upgrades to improve emission technology. He took over from Dieter Zetsche in May. At Fiat Chrysler Automobiles NV, CEO Mike Manley failed in an attempted merger with Renault SA that would have delivered much-needed electric technology Fiat eschewed under Sergio Marchionne, the long-serving CEO who died last year.Krueger’s likely successor, Oliver Zipse, 55, is another insider with a similar career path. Like Krueger, Zipse worked at BMW’s Mini operations in England, and then served as global head of production. Zipse is a champion of BMW’s strategy of keeping factories as flexible as possible, making hybrid and electric models alongside combustion cars around the world. That aligns him with Krueger, who in May defended his cautious approach on electric cars, saying no one knew how fast they’d take over or which technology might win out.“We have taken numerous decisions that we are now bringing to the road,” Krueger said at a June presentation. “By 2021, we will have doubled our sales of electrified vehicles compared with 2019.”\--With assistance from Thomas Seal.To contact the reporters on this story: Elisabeth Behrmann in London at ebehrmann1@bloomberg.net;Benedikt Kammel in Berlin at bkammel@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, David RocksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Benzinga13 days ago

    BMW Group And Daimler AG Partner To Put Autonomous Cars On The Road By 2024

    German original equipment manufacturers (OEMs) BMW Group and Daimler AG inked a partnership on July 4 for a long-term strategic cooperation in autonomous driving, focusing on jointly developing next-generation ...

  • Reuters13 days ago

    UPDATE 4-BMW poised to pick production chief as CEO after Krueger bows out

    BMW board member Oliver Zipse, a 55 year-old company veteran, is the front runner to become the carmaker's new chief executive, sources said on Friday after Harald Krueger announced he would not stay on beyond April 2020. Krueger said he would not seek a potential extension of his contract, thereby pre-empting deliberations about whether to give him another five-year term. BMW declined to comment on whether Zipse would be confirmed as chief executive, saying the matter of potential executive appointments will be formally decided on July 18 when the full supervisory board is due to meet.

  • Even Paris Hilton Couldn’t Save BMW's Boss
    Bloomberg13 days ago

    Even Paris Hilton Couldn’t Save BMW's Boss

    (Bloomberg Opinion) -- If BMW AG boss Harald Krueger has a flaw, it’s that he lacks confidence and isn’t much of a showman. Those are criticisms that nobody has ever leveled at the heiress Paris Hilton.BMW invited Hilton and a host of other “influencers” to Munich last week to help promote the company’s future lineup of electric and autonomous models, an area where BMW is perceived to have become a laggard (somewhat unfairly in my view). If the aim of the visit was to show that the thoughtful, cautious Krueger is as aggressive and ambitious as Tesla Inc.’s Elon Musk, it appears to have failed. Krueger confirmed on Friday that he wouldn’t be seeking a second term of office when his contract expires next year.The news isn’t all that surprising and shouldn’t unsettle investors too much. Bloomberg News reported that the BMW CEO’s future was in some doubt last month, and I wrote then about why Krueger has struggled. There are several good internal candidates to succeed him, including development chief Klaus Froehlich and production director Oliver Zipse.Still, Krueger’s decision shows just how difficult it is for carmakers to keep their stakeholders happy at a time of unprecedented technological upheaval in the industry. His peers and rivals are unlikely to take much satisfaction from his premature exit.BMW’s profitability and share price have lagged recently because of a cornucopia of challenges, most of which are beyond the CEO’s control. The company has been held back by global trade tensions, the demise of diesel, new carbon emissions regulations and antitrust provisions.During times like these, charisma can help convince employees and investors that a brighter future still lies ahead. Sadly, since fainting on stage in 2015, Krueger has faced questions about whether he was up to the job. The cautious design of some of BMW’s recent models cemented that timid impression.While Krueger has been compensated well, it’s hard to envy him. Carmakers that don’t invest enough in electric vehicles are panned for not being pioneering. Yet electric car projects still don’t make much money and heavy spending on these technologies impairs cash flow. You can’t win in the eyes of shareholders.It was hardly the case that Krueger had his head in the sand: The collaboration between BMW and its great rival Daimler AG on mobility services and autonomous driving showed he was willing to take radical steps. It wasn’t enough, but his successor won’t find things any easier.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • BMW CEO Harald Krueger Informs Board He Won’t Seek a Second Term
    Bloomberg13 days ago

    BMW CEO Harald Krueger Informs Board He Won’t Seek a Second Term

    (Bloomberg) -- BMW AG Chief Executive Officer Harald Krueger told the board he won’t seek a second term, pre-empting mounting speculation over his future at the German luxury carmaker.The 53-year-old executive, who has led BMW since 2015, has faced growing criticism amid falling profits and an electrification plan that was seen as too tentative for a rapidly changing industry, Bloomberg reported in May. Production head Oliver Zipse, 55, is the front-runner to succeed him, a person familiar with the matter said Friday.While Krueger’s contract runs until the end of April next year, the supervisory board was poised to consider whether to grant him a second term, and it wasn’t clear whether he had the support.BMW has “complete respect and understanding” for the decision, Chairman Norbert Reithofer, and Krueger’s predecessor, said in a statement on Friday. The outgoing CEO “has demonstrated unwavering dedication to the BMW Group in all of the various positions he has held.”Krueger was chosen in 2015 -- becoming the youngest CEO of a major carmaker -- to lead the manufacturer through a titanic shift to electric and self-driving cars. Yet a record rollout of new and revamped models has struggled amid tepid redesigns, while weaker global markets and trade tensions shrank profits.BMW’s sales momentum also petered out under Krueger’s tenure, and after a decade-long run, the Munich-based company lost the global lead in luxury cars to Daimler AG’s Mercedes-Benz in 2016.In May, Bloomberg reported that some supervisory board members were questioning whether Krueger was the right choice as CEO, following internal tension over his lack of aggression in introducing new electric vehicles.The supervisory board will discuss his succession at a meeting on July 18, the carmaker said in the statement.“I would like to pursue new professional endeavors and leverage my diverse international experience for new projects and ventures,” Krueger said.Aside from Zipse, development head Klaus Froehlich, 59, was another potential candidate for the CEO job, Bloomberg reported in May.BMW fell 0.5% to 66.78 euros as of 1:33 p.m. in Frankfurt. The shares are down almost 40% over Krueger’s term. By comparison, the Stoxx 600 autos and auto-parts index has declined by about 22% over the same period.What Bloomberg Intelligence says:“BMW’s NextGEN strategy to pull forward the launch of 25 EVs by two years to 2023 wasn’t enough for him to retain his position following multiple profit warnings over the past 18 months”\--Michael Dean, auto industry analystClick here to read the researchIn one sign of the potential pressure, BMW’s stock drop forced a member of the billionaire family that controls the company to pledge more stock to back a separate business venture.Susanne Klatten, who together with her brother Stefan Quandt own nearly half of BMW, pledged 1.12 million shares last month to cover a loan she used to finance an investment in a luxury high-rise building in Frankfurt.(Updates with Zipse as leading CEO candidate in second paragraph.)\--With assistance from Thomas Seal.To contact the reporter on this story: Elisabeth Behrmann in London at ebehrmann1@bloomberg.netTo contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • BMW poised to pick production chief as CEO after Krueger bows out
    Reuters13 days ago

    BMW poised to pick production chief as CEO after Krueger bows out

    BMW board member Oliver Zipse, a 55 year-old company veteran, is the front runner to become the carmaker's new chief executive, sources said on Friday after Harald Krueger announced he would not stay on beyond April 2020. Krueger said he would not seek a potential extension of his contract, thereby pre-empting deliberations about whether to give him another five-year term. BMW declined to comment on whether Zipse would be confirmed as chief executive, saying the matter of potential executive appointments will be formally decided on July 18 when the full supervisory board is due to meet.

  • Financial Times13 days ago

    BMW chief executive Harald Krüger to step down 

    BMW’s chief executive Harald Krüger has quit days before a board meeting that was due to decide his future, putting the carmaker under pressure to find a successor to deal with falling profits and catch up with rivals in the race to develop electric vehicles. The company’s supervisory board was due to discuss renewing Mr Krüger’s contract at a meeting on July 18. After he informed the board he would not seek a second term, it would now discuss his successor, the company said on Friday. Mr Krüger will remain in post until a replacement is named.

  • BMW says CEO will not seek contract extension after 2020
    Reuters13 days ago

    BMW says CEO will not seek contract extension after 2020

    BMW on Friday said Harald Krueger, Chief Executive of the German carmaker will not make himself available for a potential contract extension, pre-empting deliberations about whether to give him another five-year term at the helm. "Harald Krueger today informed the Chairman of the Supervisory Board that he will not seek another term of office beyond his current term running until 30 April 2020," the carmaker said. BMW will address the issue of CEO succession on July 18, the Munich-based car and motorbike manufacturer said.

  • Reuters13 days ago

    CORRECTED-UPDATE 2-BMW seeks new CEO after Krueger announces 2020 retirement

    BMW will seek to appoint a chief executive later this month after Harald Krueger said he did not want to extend his contract, pre-empting deliberations about whether to give him another five-year term at the helm. "Harald Krueger today informed the Chairman of the Supervisory Board that he will not seek another term of office beyond his current term running until 30 April 2020," the carmaker said.

  • Mercedes and BMW cars will drive themselves on the autobahn by 2024
    Engadget13 days ago

    Mercedes and BMW cars will drive themselves on the autobahn by 2024

    BMW and Mercedes started working together on autonomous cars earlier thisyear, and now they have optimistic plans to deliver them

  • TheStreet.com13 days ago

    [video]BMW CEO Harald Krueger Won't Seek Another Term; Shares Dip

    BMW unveils plans to begin looking for a new CEO following the decision by its current CEO, Harald Krueger, not to extend his contract for another five-year term.

  • Bloomberg14 days ago

    Qualcomm, BMW Triumph in EU Fight Over Connected Car Rules

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Qualcomm Inc., BMW AG, and Deutsche Telekom AG clinched a victory Thursday after European Union member states scrapped new rules mandating WiFi technology as the basis for how future connected cars talk to each other.The ruling is victory for 5G technology as countries around the world prepare for the roll-out of ultra-fast 5G wireless networks, which will power everything from self-driving cars to smart factories.The legislation -- first proposed in March by the European Commission, the bloc’s executive -- aimed to govern how future connected and automated cars in Europe send information between vehicles and infrastructure, in order to communicate about dangerous situations, road works, traffic lights and more.The companies had been urging EU legislators to veto it out of concern it would force them to make additional investments to fit a soon-to-be outdated technology, saying WiFi offers poorer performance than cellular-based technology compatible with future 5G networks.“Member states sent today a strong signal to the commission that technology neutrality should prevail," said Maxime Flament, chief technology officer at the 5G Automotive Association, which includes Qualcomm and Daimler AG as members. "Only a level-playing field between existing technologies will allow safer, more efficient mobility on European roads."The decision by representatives of the EU’s member states, which still needs to be formally rubber-stamped by its ministers on Monday, forces the commission back to the drawing board to come up with a new proposal.In a statement, EU Transport Commissioner Violeta Bulc said she takes "good note" of the decision, stressing the need for an EU-wide cooperative intelligent transport system."We cannot miss this opportunity and lose valuable time to make our roads safer," Bulc said. "We will therefore continue to work together with member states to address their concerns and find a suitable way forward."Volkswagen AG, General Motors Co., and Volvo Group have been proponents of the draft rules favoring WiFi systems, arguing that the industry needs clarity on what systems to use as soon as possible, and that it currently is the only proven technology.(Adds comments from 5GAA, European Commission.)To contact the reporter on this story: Natalia Drozdiak in Brussels at ndrozdiak1@bloomberg.netTo contact the editors responsible for this story: Giles Turner at gturner35@bloomberg.net, Nate LanxonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Moody's15 days ago

    LLC ROLF -- Moody's changes ROLF's outlook to developing; affirms B1 rating

    Moody's Investors Service (Moody's) has today changed LLC ROLF's (ROLF) outlook to developing from positive. At the same time, Moody's affirmed the B1 corporate family rating (CFR) and the B1-PD probability of default rating. Today's change of ROLF's outlook to developing reflects the uncertainty regarding the potential direct and indirect impact of the investigation.

  • BMW Widens Lead Over Mercedes at the Half-Year Mark
    Bloomberg15 days ago

    BMW Widens Lead Over Mercedes at the Half-Year Mark

    (Bloomberg) -- BMW AG more than doubled its U.S. sales lead over Daimler AG’s Mercedes-Benz in June with a strong performance from its fresher line of SUVs.Deliveries jumped 7.5% last month to 31,627, paced by the diminutive X3 crossover and three-row X7 sport utility vehicle. BMW sales rose 2% at the half-year mark, building a lead over Mercedes of more than 9,000 units.Sales for Mercedes, which held the luxury crown the past three years, were little changed in June from a year ago at 26,196 units, leaving the Daimler division down 7.2% in the first half. Deliveries plunged more than 30% for both the C-Class sedan and GLS crossover.Toyota Motor Corp.’s Lexus deliveries slipped 3% in June, leaving the brand up 0.5% year-to-date. The ES sedan was the only high-volume Lexus model to gain in June.(Corrects BMW percent change at half-year mark in second paragraph.)To contact the reporter on this story: Gabrielle Coppola in New York at gcoppola@bloomberg.netTo contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Melinda GrenierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg15 days ago

    Europe Thinks Like China in Building Its Own Battery Industry

    The European Union is starting to act like China when it comes to building the batteries that will drive the next generation of cars and trucks.In the past few months, government officials led by European Commission Vice President Maros Sefcovic have joined with manufacturers, development banks and commercial lenders on measures that will channel more than 100 billion euros ($113 billion) into a supply chain for the lithium-ion packs that will power electric cars.Germany and France are prodding for action out of concern that China is racing ahead in new technologies sweeping the auto industry. With 13.8 million jobs representing 6.1% of employment linked to traditional auto manufacturing in the EU, authorities want to ensure that manufacturers can pivot toward supplying electric cars and batteries.“We are walking the talk,” Sefcovic said in remarks to Bloomberg. “We have overcome an initial resignation that this battle would be a lost one for Europe.”A number of trends are catalyzing the program, starting with the determination by EU nations to rein in greenhouse gases and fight climate change. They’re increasingly focused on reducing pollution from diesel engines and alarmed at the head start Chinese companies have in greener technologies. French President Emmanuel Macron in February said he “cannot be happy with a situation where 100% of the batteries of my electric vehicles are produced in Asia.”Drive Trains Go ElectricSo far, the EU’s program is starting to work and putting Europe on track to wrest market share away from China. By 2025, European companies that currently lack a single large battery maker will rival the U.S. in terms of capacity, according to forecasts from BloombergNEF. Measures that will spur investment include:France and Germany are working on measures to channel billions of euros into the battery industry. Sefcovic has said the EC may be able to embrace the state-aid proposal as a special project by the end of October. The two nations are seeking to draw in additional support from Spain, Sweden and Poland.The European Investment Bank gave preliminary approval in May to a 350 million-euro loan supporting NorthVolt AB’s bid to build a battery gigafactory in Sweden after the company completed a fund raising. The EIB along with the European Bank for Reconstruction & Development are working on a “raw materials investment facility” that will help to build a supply chain for rare Earth metals needed for batteries, according to Sefcovic who says he hopes the program will be launched by the end of the year. The EU in May started a 100 million-euro Breakthrough Energy Ventures fund with Microsoft Corp. founder Bill Gates and other investors to advance the energy transition, which is likely to include batteries. The EC has gathered at least 260 industrial companies including Peugeot SA, Total SA and Siemens AG in an alliance aimed at building capacity to make the energy storage devices in Europe.“A year or two ago, everyone was under the impression that it was already too late for Europe,” said James Frith, an energy storage analyst at BloombergNEF in London. “But they’ve made a commitment, and Europe is in a strong position now.”By 2025, Europe may control 11% of global battery cell manufacturing capacity, up from 4% now, according to Frith. That will pare back China’s market share and rival the U.S. command of the industry. The EC estimates the battery market may be worth 250 billion euros a year by then. It estimates at least 100 billion euros already has been committed to battery factories or their suppliers in Europe.The goal is to build enterprises in Europe that could supply the region’s automakers without requiring imports from the major battery manufacturing centers in Asia. Currently, Contemporary Amperex Technology Co., or CATL, and BYD Co. dominate production in China. Elon Musk’s Tesla Inc. is also building battery gigafactories in the U.S.So far, Europe has no established battery supply chain, though it has drawn investment in local factories from Korean firms including LG Chem Ltd. and Samsung SDI Co. as well as CATL.The new ambition of the commission is to stimulate companies big enough to supply the likes of BMW AG and Volkswagen AG, which plan a massive increase in electric car production. Across the industry, the outlook is for a rising portion of cars to run on batteries in the coming years.No single company will get the lion’s share of the investment or aid. Instead, dozens will benefit in addition to Peugeot and Total, which are building a cell plant in Kaiserslautern, Germany. Funds will also trickle into suppliers of parts or raw materials including Siemens, Umicore SA, Solvay SA and Manz AG.Scarred by losing control of the solar industry in the last decade, Germany is leading the push. The nation was the biggest producer of solar cells in the early 2000s before Chinese companies backed by government loans took the lead.When it comes to batteries, Economy and Energy Minister Peter Altmaier is focused on the 800,000 jobs in Germany tied directly to car manufacturing. Batteries account for about a third of the value of an electric car, and without facilities to make those in Europe, more jobs will go to Asia, Altmaier has said.“There’s going to be huge demand in Europe for battery cells,” Altmaier said on ARD Television in June. “We must have the ambition to build the best battery cells in the world in Europe and Germany.”Sefcovic envisions 10 or 20 “gigafactories” making battery cells across Europe and with his support the European Battery Alliance is seeking to coordinate research that will be the foundation of the plan. NorthVolt intends to be one of the major battery makers, feeding BMW and other major automakers.“If we want to be one of the major manufacturers in Europe by 2030 we need to build about 150 gigawatt-hours of capacity,’’ said NorthVolt Chief Executive Officer Peter Carlsson. “The customer demand is so strong that we are accelerating our plans. We have taken a huge step on the way to create a new Swedish industry that will have a big impact in cutting our dependence of fossil fuels.’’To contact the reporters on this story: Ewa Krukowska in Brussels at ekrukowska@bloomberg.net;Jesper Starn in Stockholm at jstarn@bloomberg.netTo contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Brian ParkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.