BMW cuts 2024 outlook after braking system recall of 1.5 million cars costs it ‘a high three-digit million amount' [Fortune]
CONTL AG S/ADR (CTTAY)
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Source: Fortune
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 across five countries are affected — including about 370,000 in China, 270,000 in the U.S., 150,000 in Germany, 70,000 in Korea and 60,000 in France. The affected vehi
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