BMW braking system recall of 1.5M cars contributes to auto maker's decision to cut back 2024 outlook [Financial Post (Toronto, Ontario, Canada)]
CONTL AG S/ADR (CTTAY)
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Source: Financial Post
NEW YORK (AP) — BMW is lowering sales and earnings targets for the 2024 fiscal year, in a move the luxury German car maker said was partially triggered by hefty expenses of addressing a braking system recall that impacts more than 1.5 million vehicles worldwide. Munich-based BMW Group said Tuesday that actions related to addressing a faulty integrated braking system, made by a supplier for the company, would reach “a high three-digit million (euro) amount” for the third quarter. Halted deliveries for impacted vehicles not already in customer hands are also expected to negatively impact sales. A spokesperson for BMW Group, which also owns Rolls-Royce and Mini brands, confirmed to The Associated Press via email that the company first identified the issue during an internal quality check. That prompted a safety recall in February, but since then additional cases have been identified “beyond the scope of the original recall.” Now, BMW expects that some 1.53 million vehicles acros
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