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BMW Warns Of 2009 Year With No Profit Photo:
 
 
Mike Stevens | Mar, 19 2009 | 0 Comments

BMW has got its eye firmly on breaking even in 2009, warning that it does not expect to turn a profit for the year, aiming only to manage costs and cash flow.

The German giant?s announcement follows the company posting a 2008 profit of ?330 million (AU$657m) ? a nice figure to be sure, but also an alarming 90 percent short of the previous year.

BMW is expecting 2009 to be more of the same, anticipating a further 20 percent drop in the global car market.

The luxury marque expects its sales to begin on the path to recovery in 2010, and new models such as the BMW 5 Series GT crossover ? to be launched later this year ? to push showroom traffic and sales figures in the right direction.

The all-new 2010 5 Series and 3 Series models are expected to go on sale between 2010 and 2011 as well.

BMW CEO Norbert Reithofer said that 2009 will be transition year for the company, with a concentration on liquidity, cash flow, working capital, fixed costs and investments being the carmaker?s number one priorities.

 
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