BMW sales slump amid the coronavirus outbreak
Sales to China were down over 30% in the first quarter
Stocks impacted: BMW (BMWG)
The group’s sales dropped by 20.6% to 477,111 vehicles in the first quarter amid the outbreak of coronavirus. According to the company, by March, the effects of the pandemic were clearly visible in sales figures not only in China but also in Europe and the U.S. Around 80% of retail outlets in Europe and 70% in the United States were temporarily shut due to the outbreak. BMW sales to China were down over 30% in the first quarter. BMW’s plants are scheduled to operate again from April 20th, and the company is also looking into producing its own face masks. Despite the disappointing figures, the company’s shares are trading nearly 4.5% higher on Monday amid a broad rally in stocks at the start of the week. Shares are down about 35% since January.
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