BMW Group plans for various scenarios and can react swiftly to new developments

BMW Group plans for various scenarios and can react swiftly to new developments

06.05.2020: Liquidity remains at high level – investments prioritised - Q1 EBIT up due to high provision recorded in previous year - BMW Group updates outlook for Automotive segment EBIT - Q1: Product mix and pricing policy underpin revenues

Liquidity remains at high level – investments prioritised

-  Q1 EBIT up due to high provision recorded in previous year

-  BMW Group updates outlook for Automotive segment EBIT

-  Q1: Product mix and pricing policy underpin revenues

-  Production to be ramped up according to demand

-  Firm commitment to agreed CO2 targets and Euro 6d

- Zipse: “Business model still future-proof after crisis”

The BMW Group is well prepared to react swiftly and decisively at all times to new developments during the corona pandemic by systematically identifying potential scenarios. This approach is all the more important given that the BMW Group expects the consequences of the corona pandemic to constrain the operations of the entire automotive industry for quite some time to come.

It is also becoming apparent that delivery volumes in key markets are not going to return to normal in the space of just a few weeks. The BMW Group is developing strategies for various scenarios and is prepared to take additional measures to safeguard its financial position and use its underlying strength to steer itself through this challenging phase.


“Quite clearly, the situation remains serious and market forecasts are subject to constraints under these circumstances. We are gradually ramping up our production again according to demand in each market. However, we are monitoring developments extremely closely to be able to respond with maximum flexibility," said Oliver Zipse, Chairman of the Board of Management of BMW AG, in Munich on Wednesday. "We are keeping a tight rein on inventory levels because liquidity has absolute priority in this situation."


At the same time, the BMW Group is keenly aware of its responsibility as an employer and as an integral part of society. It promotes the protection and health of its employees and endeavours to strike the best possible balance to ensure the enduring success of the enterprise.

The BMW Group is also helping public authorities to procure personal protective equipment, providing vehicles for aid organisations, and has even started producing respiratory masks. Zipse went on to say: "We are doing all we can to leverage our expertise to combat the virus. We are contributing towards protecting public health. At the same time, we are also doing our part to help kick-start the economy and revive public life in a number of countries. Both of these factors are highly relevant and they can only work in unison."


Setting the course at an early stage is paying off


Even in the current situation, the BMW Group's strategic decisions are paying off. It set about meeting currently applicable CO2 targets at an early stage, an important aspect of which was the decision to systematically electrify its model range.

With its Performance > NEXT programme launched in 2017, the BMW Group laid the foundations for achieving greater efficiency and stronger operating performance. It has also strategically secured access to the raw materials needed to deliver electric mobility. Since the beginning of the current year, the BMW Group has been procuring the required cobalt and lithium directly and passing those resources on to the suppliers who manufacture battery cells.


At the same time, the BMW Group remains convinced of the importance of focusing consistently on customer needs and therefore on the innovations required to meet those needs as crucial to its enduring success: “We remain focused on investing to enhance our future success. We will continue to electrify our fleet as planned and make no compromises when it comes to highly automated driving.

Our iNEXT is designed to provide Level 3 performance on highways. We will also continue to invest in hydrogen fuel cell technology. Furthermore, as a dependable partner within our society, we continue to train young people," said Zipse with emphasis.

"In no way does the pandemic call our business model into question. Driven by technology and innovation, our business model will remain future-proof after the current crisis has ended." With these aims in mind, the BMW Group continues to invest in broadening its expertise in key future-oriented fields of technology. By 2025, the Group intends to invest over 30 billion euros in research and development to further establish its role as an innovation leader.


Firm commitment to meeting CO2 targets


The BMW Group continues to work tirelessly to reduce CO2 emissions levels in its new model fleet and is again set to achieve the stipulated CO2 fleet target for new vehicles registered in Europe this year. This is around 20% below last year’s target. The Group expects to achieve one third of the required reduction through further improvements to its conventional drivetrain systems and the remaining two thirds by increasing the number of electrified vehicles it produces.

The BMW Group’s efforts to meet future, mandatory CO2 and fuel consumption limits are therefore based on the combined impact of Efficient Dynamics technologies – which the Group has deployed continuously since 2007 – and the progressive electrification of its fleet.

Zipse confirmed: "We remain firmly committed to the CO2 targets agreed within the European Union and to the introduction of the Euro 6d emissions standard. We simply cannot afford to rest on our laurels when it comes to protecting the environment."


As a pioneer of electric mobility, the BMW Group is already a leading supplier of electrified vehicles and currently in the process of expanding its range significantly. By the end of 2021, the BMW Group will be able to offer customers a choice of five all-electric series production vehicles.

In addition to the BMW i3, the all-electric MINI Cooper SE* went into production at the Group's Oxford plant (UK) at the end of 2019. This year, production of the BMW iX3 will begin at the Shenyang plant in China, followed in 2021 by the BMW iNEXT and the BMW i4 at the Dingolfing and Munich plants respectively – all of which will be equipped with fifth-generation BMW eDrive technology.

The next generation of the BMW 7 Series will undoubtedly mark a new milestone. The BMW brand’s flagship also offers customers the "Power of Choice" and is set to be available with four different drivetrain types: as a highly efficient diesel- or petrol-powered version, as an electrified plug-in hybrid and, for the first time, as an all-electric BEV model, which will also be equipped with fifth-generation electric drivetrain technology.

With this combination, the BMW Group is underscoring its aspiration to offer every customer the right technology for more sustainable mobility.


Investing with a sense of proportion – liquidity position remains strong


Again in the first quarter of 2020, the BMW Group incurred substantial upfront expenditure on the road to providing tomorrow’s mobility – nevertheless maintaining cost and capital discipline. At € 1,380 million, research and development expenses for the three-month period remained high (2019: € 1,396 million; -1.1%). Capital expenditure on property, plant and equipment and other intangible assets amounted to € 687 million (2019: € 999 million; -31.2%) for the first quarter.


"Our proven strategy of targeted investment with a sense of proportion applies more than ever. In view of the current situation, we will either put certain projects on hold or subject them to further review. We therefore expect to reduce capital expenditure from almost 5.7 billion euros in the previous financial year to less than four billion euros in 2020," said Nicolas Peter, Member of the Board of Management of BMW AG, Finance.

"The BMW Group has additionally bolstered its already strong liquidity position by increasing liquid funds to almost 19 billion euros at the end of the quarter. We continue to have the best credit rating of all European carmakers and the second-best worldwide. Our long-term strong creditworthiness enables us to continue benefiting from excellent access to international capital markets."


Over the past three years, the BMW Group has already achieved an excellent starting position with its Performance > NEXT programme. One of the many positive outcomes of this initiative is that development times for new vehicle models have been reduced by as much as one third. On the product side, up to 50% of today's drivetrain variants will be eliminated from 2021 onwards in the transition to creating enhanced flexible vehicle architectures.

Moreover, the BMW Group's model portfolio is regularly assessed with a view to finding additional potential ways of reducing complexity. Potential for greater synergy and efficiency in indirect purchasing as well as in terms of material and production costs is also being leveraged throughout the Group. By the end of 2022, the Group intends to save more than 12 billion euros through efficiency-boosting measures.


First-quarter Group revenues up slightly


The BMW Group delivered a total of 477,111 BMW, MINI and Rolls-Royce brand vehicles to customers worldwide in the first three months of 2020 (‑20.6%). Group revenues increased slightly to € 23,252 million (2019: € 22,462 million; +3.5%) year-on-year. Profit before financial result amounted to € 1,375 million and was therefore significantly higher than the previous year’s corresponding figure of € 589 million.

However, the result posted for the first quarter of 2019 was negatively impacted by the recognition of a provision for approximately € 1.4 billion in connection with the Statement of Objections received from the EU Commission concerning ongoing antitrust proceedings.

Despite a number of significant items of expense recognised within the financial result, the Group profit before tax (EBT) finished at € 798 million, still slightly higher than one year earlier (2019: € 762 million; +4.7%).

Items influencing the first-quarter financial result included negative valuation effects arising on interest rate hedges due to lower interest rates in the USA. In addition, a one-time revaluation gain arising on the pooling of mobility services with the Daimler Group had positively impacted other financial result in 2019.

The Group's EBT margin for the first quarter came in at 3.4% (2019: 3.4%). Group net profit for the period amounted to € 574 million (2019: € 588 million; -2.4%).


Automotive segment achieves good product mix


Automotive segment revenues between January and March totalled € 17,989 million (2019: € 19,213 million; -6.4%). Positive product mix effects and improved selling prices on the back of the further rejuvenated vehicle range cushioned the impact of the significant drop in volumes. Segment EBIT amounted to € 229 million (2019: negative EBIT of € 310 million), giving an EBIT margin of 1.3 % (2019: -1.6%).


In total, 411,809 BMW brand vehicles were delivered in the first three months of the year (-20.1 %). The MINI brand delivered 64,449 units during this period (‑23.4%). Rolls-Royce Motor Cars handed over 853 vehicles (-27.2%) to customers during the first quarter.


In total, 30,692 electrified BMW and MINI brand vehicles were delivered worldwide (+13.9%). "We are therefore well on track for meeting the EU's CO2 targets," pointed out Zipse.


A total of 221,024 (-18.3 %) BMW, MINI and Rolls-Royce brand vehicles were delivered to customers in the Europe region during the first three months of the year. In Germany, with a total of 66,004 vehicles delivered, the year-on-year decrease (‑8.8%) was less pronounced than that seen across the market as a whole. The number of vehicles delivered to customers in China was down by 30.9% in the first quarter (116,577 units).

The trend reversal in March and April is an encouraging sign that points to a market recovery. Similarly, the latest figures from South Korea indicate a move in the right direction. In the USA, the BMW Group sold a total of 64,956 (-17.4%) units during the first three months of the year, of which 59,455 (-15.3%) were BMW brand vehicles.


Motorcycles segment deliveries moderately lower


BMW Motorrad handed over 34,774 motorcycles and maxi-scooters to customers during the first quarter (-9.9%). Segment revenues totalled € 557 million (2019: € 586 million; -4.9%). EBIT declined to € 72 million (2019: € 89 million; -19.1%), giving a segment EBIT margin of 12.9% (2019: 15.2%).


Financial Services segment increases revenues


The retail customer contract portfolio under management within the Financial Services segment grew by 0.5% to stand at 5,516,068 contracts at 31 March 2020 (31 December 2019: 5,486,319 contracts). During the first quarter, 449,687 new credit financing and lease contracts were signed with retail customers (2019: 469,624 contracts; -4.2%).

Segment revenues increased to € 7,598 million (2019: € 7,146 million; +6.3%). Profit before tax amounted to € 484 million (2019: € 627 million; -22.8%). A significant reason for the deterioration in earnings was the increased risk provisioning expense recorded in conjunction with the expected consequences of measures taken by governments to contain the corona pandemic.


BMW Group updates target for Automotive segment EBIT margin


The BMW Group sets itself ambitious targets, even in politically and economically turbulent times. However, the uncertainty surrounding the global spread of coronavirus and its consequences makes it difficult to accurately forecast the BMW Group's business performance for the financial year 2020. The BMW Group still expects the spread of coronavirus and the necessary containment measures to seriously dampen demand across all major markets over the entire year 2020.


Against this background, Automotive segment deliveries to customers worldwide in 2020 are expected to be significantly down year-on-year. Consequently, Automotive segment earnings are forecast to deteriorate, particularly in the first half of the year. As announced on May 5th the company has widened the guided range for the EBIT margin of the Automotive segment due to the extremely volatile situation. The company now expects the EBIT margin for 2020 to be within the range of 0% and 3%.


In the Financial Services segment, the number of new contracts is expected to decrease and the refinancing cost to increase. The return on equity is now forecast to drop moderately year-on-year.


Motorcycles segment deliveries over the twelve-month period are now expected to be significantly below the previous year's level. The EBIT margin is forecast to be within a range of 3% and 5%.


Taking into account the effects described above, Group profit before tax is predicted to be significantly lower than in 2019.


The workforce will be slightly below the level of the previous year. As already communicated, reductions in staff numbers due to natural fluctuation will be used to manage the workforce size. Under the current circumstances, all new recruitment will be considered very carefully.


The updated guidance does not, in particular, include, a longer and deeper recession in major markets, a more severe economic slow-down in China as a result of recessions in other parts of the world, significant market distortions due to an even stronger competitive environment and possible implications caused by a second wave of infections and associated containment measures. The BMW Group continues to monitor further developments closely and is well prepared to take any necessary measures at short notice.



*:Consumption and emission data:


MINI Cooper SE: fuel consumption combined: 0.0 l/100 km, power consumption combined 16.8-14.8 kWh/100 km, CO2 emissions combined: 0 g/km


1In connection with a review of its sales and related reporting practices, BMW Group reviewed prior period retail vehicle delivery data and determined that certain vehicle deliveries were not reported in the correct periods.  Further information can be found in the March 12th press release announcing BMW Group’s financial results for 2019 and in BMW Group’s 2019 Annual report. As an update of the information given there, BMW Group has revised the data on vehicle deliveries retrospectively going back to 2015 in its sixteen most significant markets.

2 Value for Q1 2019 includes a profit from discontinued operations of € 44 million



Max-Morten Borgmann, photo BMW


06.05.2020 / MaP

More News

Kia Motors announces April global sales
    April sales totaled 134,216 units, down 41.1 percent y/y    Sales in Korea increased 19.9 percent y/y to 50,361 units    Sales outside of Korea declined 54.9 percent y/y to 83,855 units Kia more >>
BMW AG updates guidance for financial year 2020
The Board of Management of BMW AG has decided today to update its guidance for the financial year 2020.The decisive factor for the adjustment is that the measures to contain the corona virus pandemic are lasting longer in several markets and are thus leading to a broader negative impact than was foreseeable in mid-March.It is therefore apparent that delivery volumes in these markets will more >>
SKODA AUTO’s first-quarter results impacted by Covid-19 pandemic
› The Covid-19 pandemic affected ŠKODA AUTO’s business development in the first quarter of 2020› ŠKODA delivers 232,900 vehicles (-24.3%) to customers worldwide in the first quarter of 2020› Sales revenue in the first quarter of 2020 down 1.4% year-on-year› Operating profit falls by 25% year-on-year to 3 more >>
Corona pandemic: AUDI AG takes stock after difficult first quarter
Volumes and key financials significantly impacted by regulatory and economic consequences of corona crisis        Lockdowns and closed dealerships worldwide: Audi delivered 352,993 cars to customers in a difficult first quarter        Revenue of €12.5 billion, operating return on sales of 0.1 perc more >>
American Honda Reports April Auto Sales as Difficult Market Conditions Begin to Ease
American Honda sales fall 54% in April due to continued impact of COVID-19 pandemicAmerican Honda         Total 57,751  -54.1%Cars 25,610 -55.4%Trucks 32,141 -53.0%    HONDATotal 52,705 -53.8%Cars 24,049 -55.5%Trucks 28,656 -52.3 more >>
Kia Motors America Announces April Sales
Demand for Kia’s Lineup of Capable SUVs Remains StrongKia Motors America today announced April sales of 31,705 vehicles, led by the Optima and Sorento models.“Despite these uncertain times, Kia continued to outperform the i more >>
Finimpact - Small Business Survival Guide to Combat COVID-19
SMBs Survival Guide: Best 8 Financial Tools to Combat COVID-19By Daniel Lewisdownload here more >>
Volkswagen Brand – First-quarter sales revenue and profit down on previous year due to impact of Covid-19
Sales revenue from January to March fell to around EUR 19 billion (-11.9 percent)  Operating profit remained positive at EUR 481 million (- 47.7 percent in comparison to previous year)  Operating return on sales stood at 2.5 percent (previous year: 4.3 percent)  COO Ralf Brandstätter: “After a solid start to more >>
Porsche Profits dip comparatively moderately
Sports car manufacturer remains committed to investments in the futurePorsche confronts the effects of the corona crisis in the first three months of 2020: The company’s operating result fell by 34 percent at €0.6 billion as compared to the prev more >>
Global vehicle sales fall by 39% in March, while industry looks for the path to recovery
The outbreak of COVID-19 has already impacted the automotive industry significantly, according to JATO Dynamics, a leading provider of global automotive data and insight. Global vehicle sales totalled 5.55 million units in March 2020, down by 39% from March 2019. more >>
Renault Board of Directors communication
    Appointment of Mr. Joji Tagawa as director proposed by Nissan.    Holding of the Annual General Meeting of Shareholders on June 19, 2020 in closed session.Renault’s Board of Directors, meeti more >>
Daimler reports first-quarter 2020 results
    Group unit sales of 644,300 vehicles (Q1 2019: 773,800)    Revenue of €37.2 billion (Q1 2019: €39.7 billion)    Group EBIT of €617 million (Q1 2019: €2,798 million)    Group net profit of €168 million (Q1 2019: €2,149 million)    Fr more >>
Volkswagen Group’s business substantially impacted by Covid-19 pandemic in first quarter
Deliveries 23.0 percent down on previous year at 2.0 (2.6) million vehicles – decline especially in Asia-Pacific and Europe  Group sales revenue down by 8.3 percent to EUR 55.1 billion  Operating profit before special items fell by EUR 3.9 billion to EUR 0.9 billion  Earnings before tax came to EUR 0.7 (4.1) bill more >>
Edison Group Global perspectives: Economic life after lockdown
Edison Group - Economic life after lockdown   What will the re-start look like in the short, medium and long-term?The acute phase of the coronavirus crisis may be close to over. National governments may be keen more >>
Mitsubishi Motors Announces Production, Sales and Export Figures for March 2020 and 2019 Fiscal Year
          March 2020     Fiscal Year 2019 (19/04-20/03)     Calendar Year 2020 (20/01-20/03) Volume    more >>
Toyota passes 15 million hybrid electric vehicles global sales
    Pioneer and leader in hybrid electric technology, Toyota has crossed the symbolic milestone of 15 million hybrid vehicles sold since the 1997 launch of the iconic Prius, the first full hybrid mass-produced car    Now offered on 44 individual models across a wide range of size and body types, Toyota's hybrid electric technology ha more >>
Kia Motors announces 2020 Q1 business results
    Q1 global vehicle sales totaled 648,685 units, down 1.9% Y/y    Q1 sales revenue at KRW 14.57 trillion, up 17.1% Y/y on favorable exchange rates and improved product mix    Q1 operating profit at KRW 444.5 billion, down 25.2% Y/y    Q1 net profit decreased 59% Y/y to KRW 266 billion more >>
Daimler preliminary results for the first quarter 2020 and outlook for the financial year 2020
As a result of the COVID-19 pandemic, market expectations for Daimler’s first quarter 2020 appear to show a large degree of variation. Against this background Daimler announces the following:Preliminary figures for the first quarter 2020 are in line with our more >>
Groupe Renault’s revenues of €10,125 million in the first quarter of 2020
    The Group sold 672,962 vehicles in the quarter, down -25.9% in a global market down -24.6%[1].    Group revenues reached €10,125 million (-19.2%) in the quarter. At constant exchange rates and perimeter[2], the decrease would hav more >>
Groupe PSA: Publication of the 2019 Universal Registration Document
Groupe PSA announces the publication of its 2019 Universal Registration Document. The latter has been filed with the French Autorité des Marchés Financiers (AMF) and registered under D.20-0327, on April 21, 2020. The 2019 Universal Registration Document more >>
PSA - Q1 2020 Group revenue at €15.2 billion
•    Groupe PSA Q1 revenue down by 15.6% at €15.2 billion;•    Automotive division[1] revenue down by 15.7% at €11.9 billion driven by a sharp volume drop partially offset by a strong product mix; more >>
The car distribution company Alcomotive becomes a joint venture between Alcopa and Bergé Auto
Today, Alcopa and Bergé Auto have announced their intention to make Alcomotive a joint venture for car distribution. Bergé Auto will be the majority partner with a 60% share, while Alcopa will hold the remaining 40%.Alcomotive dis more >>
Business and Covid-19 - testing times ahead for the automotive industry
You will be tested to find an industry that has not been impacted by the coronavirus, which has locked down cities and prevented companies from operating. Perhaps hit hardest, the automotive industry has had even more thrown on its plate, which has forced closures of factories and businesses worldwide. more >>
Tiguan: Global bestseller breaks the six million mark and has been the best-selling Volkswagen in 2019
Tiguan hits the six million mark Tiguan 2.0 TSI BMT 4MOTION 132 kW - Fuel consumption in l/100 km: urban 9.1 - 9.0 / extra urban 6.4 - 6.3 / combined 7.4 - 7.3; CO2 emissions combined in g/km: 170 - 168; efficiency class: D  more >>
Porsche delivers around 53,000 cars in the first quarter of 2020
Challenging start to the year for the sports car manufacturerIn the first three months of 2020, Porsche handed over a total of 53,125 cars to customers worldwide. Compared to the year before, deliveries were down by 5 percent due to the eff more >>
EU Commission clears creation of joint venture by VW and Munich RE
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by MHP Management- und IT-Beratung GmbH (“MHP”), subsidiary of Dr. Ing. h.c. F. Porsche Aktiengesellschaft (“Porsche”), which is ultimately controlled by Volkswagen Group (“VW”), and Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft more >>
Porsche SE reduces its forecast for the Group profit after tax for the 2020 fiscal year
Porsche Automobil Holding SE, Stuttgart ("Porsche SE"), is reducing its forecast for the Group profit after tax for fiscal 2020. The profit of the Porsche SE Group will be significantly influenced by the at equity result attributable to Porsche SE and thus by the earnings situation of the Volkswagen Group. Volkswagen AG has announced that the outlook for more >>
Groupe Renault sets its new Strategy for China
• Groupe Renault will focus in China on light commercial vehicles (LCV) and electric vehicles (EV).   • Groupe Renault will transfer its shares in Dongfeng Renault Automotive Company Ltd (DRAC) to Dongfeng Motor Corporation. DRAC more >>
Toyota Motor Europe posts first quarter sales results amid COVID-19 crisis
    TME reports 271,937 vehicles sold between January-March 2020, down -2.45%, as the market sharply declined    Continued strong demand for its hybrid electric vehicles which make up 52% of total sales and 64% in West Europe    Toyota’s European plants currently closed as the COVID-19 crisis impacts more >>
Global sales of the Toyota RAV4 reach 10 million units
    Toyota’s ground-breaking SUV reaches 10 million sales landmark    Total achieved across 26 years and five model generations    RAV4 founded the market for compact, urban SUVs and has remained an international best-seller    Toyota prepares for another new cha more >>
Renault's Board of Directors communication
 •    Annual General Meeting of Shareholders to take place on June 19, 2020 •    Cancellation of the dividend for the 2019 financial year•    25% reduction in compensation for the Chairman and interim CEO•    25% reduction in Directors' 2020 attendance fees more >>
Volkswagen and IG Metall successfully complete pay negotiations
Volkswagen chief negotiator Arne Meiswinkel: agreement with a short term and practical solutions in the coronavirus crisis Volkswagen and IG Metall have brought their negotiations for Volkswagen AG employees covered by the company collective agreement to a successful conclusion. As a result of the coronavirus crisis, the negotiations took place und more >>
Mercedes-Benz delivers approximately 477,400 cars worldwide in Q1
    Britta Seeger: “Together with our global retail partners, we have further strengthened our online activities.”    Mercedes-Benz Vans sold about 64,600 commercial vans in the first quarter of 2020.    Significant impact of worldwide COVID-19 pandemic and temporary closures of retail businesse more >>
UK new car registrations fall -44,4% in March as Coronavirus crisis hits market
    UK new car registrations fall -44.4% in March as coronavirus crisis causes showrooms to close.    Steeper fall than during last financial crisis and worst March since late nineties with some 203,370 fewer cars sold in the month.1    Early SMMT analysis downgrades 2020 outlook to 1.73 million units, -23% more >>
411,809 BMW vehicles delivered in first quarter 2020
A total of 411,809 (-20.1%) BMW vehicles were delivered to customers in the first three months of the year. The MINI brand sold 64,449 (-23.4%) units during the same period. In the first quarter 30,692 (+13.9%) electrified vehicles of the BMW and MINI brands more >>
BMW Group focuses on flexibility and solidarity in dealing with Coronavirus Pandemic
Protecting employees and taking responsibility for society - Safeguarding liquidity and the company’s long-term success -  Around 80% of retail outlets closed in Europe; 70% in the US -  BMW Group sells 477.111 vehicles in first quarter -  Pieter Nota: “China shows first signs of recovery” more >>
Groupe PSA signs an additional € 3 billion syndicated loan
In the current Covid-19 context, Groupe PSA strengthens its financial security with a new syndicated loan amounting to €3 billion in addition to the existing €3 billion undrawn confirmed line of credit for a total amount of € 6 billion. This syndicated loan ha more >>
Volvo Cars reports first quarter global sales
Volvo Cars sold 131,889 cars in the first quarter of 2020, down 18.2 per cent compared with the same period last year. The company’s global sales performance was affected by the continued impact of the Coronavirus pandemic.In March, Volv more >>
Postponement of the Peugeot SA Shareholders’ General Meeting
In the context of the Covid-19 epidemic around the world, the Managing Board of Peugeot S.A., in agreement with the Supervisory Board, has decided to postpone the Annual Shareholders’ General Meeting, initially scheduled on May 14th, to June 25th, 2020 A press release will be issued at a later date to inform shareholders of the arrangements for this Shar more >>
2001-2023 copyright