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BMW Earnings Up 14% Despite European Slump

But CEO warns of “headwinds” ahead.

by on Nov.07, 2012

BMW CEO Reithofer sees growing trouble ahead as the European market continues to struggle.

Despite the weakening European economy, BMW AG posted another strong quarter, with earnings up 14% but expected to slow in the months ahead.

The world’s largest premium automaker said its earnings before interest and taxes came to 2 billion Euros, or $2.6 billion, between July and September, led by growth in the U.S. and China as well as by the strong performance of its lending subsidiary. That was well ahead of the 1.74 billion Euros consensus from industry analysts. Net income was up 16%, to 1.29 billion Euros.

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Nonetheless, Chief Executive Norbert Reithofer warned that conditions were weakening across its home markets in Europe and could offset gains in other markets.

“Like the rest of the sector, we are now beginning to feel some headwind,” he said in a statement. “We have to acknowledge that we are all facing dramatic challenges and uncertainties in the global economy today.”


Teamsters Target BMW Over American Job Cuts

Union criticizes German maker’s plans to outsource U.S. jobs.

by on Jul.14, 2011

Despite being the largest U.S. luxury brand - and posting record global earnings - VW plans to cut jobs.

The International Brotherhood of Teamsters has launched a protest campaign against BMW’s plans to outsources jobs from a Southern California warehouse.

Hundreds of Teamsters showed up this past weekend outside BMW dealerships in California, Oregon, Washington, Colorado and Arizona with leaflets and banners, reading “BMW: The Ultimate Misery” to inform its customers about the German automaker’s plans to fire almost all its Ontario, California employees later this summer.

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BMW plans to re-open the facility the very next day using temporary employees.

Despite making record profits and receiving bailout loans, the German automobile giant plans to outsource jobs and layoff nearly 100 American employees.