The company has since re-started all its factories and CEO Oliver Zipse said Wednesday he was cautiously optimistic about the second half of the year, predicting the automaker would still make some profit selling cars.
Our swift responsiveness and consistent management strategy enabled us to limit the impact of the corona pandemic" during the first half of the year, he said.
The company said a positive trend was emerging in China, which was hit earlier by the virus but reopened earlier. Sales there rose 17 per cent in the second quarter compared to the year-earlier quarter.
Sales fell 25 per cent to 485,500 cars under the BMW, Mini and Rolls-Royce brands. Revenues fell 10 per cent to 43.2 billion euros.
The company stayed with its financial forecast for the full year, saying that its worldwide auto deliveries would be significantly lower than last year's, and that its operating margin in its automobile business would be between zero and 3 per cent.
The company had to halt production at its BMW Brilliance Automotive Ltd joint venture in Shenyang from the end of January to mid-February, while European plants and its manufacturing facility in Spartanburg, South Carolina closed down from mid-March to mid-May.
BMW also makes motorcycles and has a financial services arm. The company is based in Munich and has 125,600 employees.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.