BMW has lost 75 per cent of profit because of the investigation about the conspiracy

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Net profit of German car manufacturer BMW in the first quarter of this year decreased to 588 million euros, up 74.2 per cent lower compared with the same period last year. This was reported in the quarterly report published on the website of the company. It is noted that the impact on the performance was provided by the investigation of the European Commission (EC) in the case of cartel agreements in respect of the organization.

The document also stated that the profit per share decreased to 0.85 euros (from 3.44), while revenues for the first three months of the year was 22.46 billion euros, which is 0.9 percent below the figures for the same period of 2018.

As noted, this result may be associated with the cancellation of 1.4 billion euros in the investigation of the EC cases of cartel agreements with several German automakers, which was announced in early April. It was explained that the organization was trying to limit the introduction into the European market of technologies that reduce emissions of harmful substances.

In addition to the BMW, a suspect was Daimler and Volkswagen, wrote belonging to the family Demyan Kudryavtsev, the newspaper “Vedomosti”. According to the EC, in the period from 2006 to 2014, the car manufacturers that we cooperate, in violation of the antitrust laws to coordinate technical standards and deny buyers the right to buy cars, to a lesser extent polluting the environment. It was reported that possible penalties can be up to 10 per cent of the global turnover of the companies.

On 30 April it became known that BMW is going to sign with the Ministry of industry and trade, the agreement on the construction of its own plant in Russia. A special investment contract, the concern intends to enter into separately from the Kaliningrad plant “Avtotor” in which more than 20 years of going to German car brands.

Video, photo All from Russia.



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