FRANKFURT: BMW said on Wednesday that it would step up planned job cuts as it reported a drop in third-quarter profit, hit by fierce competition and falling demand in China, the world’s largest car market.
Chief executive Milan Nedeljkovic said he could not give a figure for the additional cuts but was prepared to make as many as necessary.
“We’ll go as far as our feet will carry us,” Nedeljkovic said during a conference call. “And as far as makes sense for us.”
Collapsing sales in China have led to painful adjustments for Germany’s car industry. Mercedes-Benz is set to restart its own layoff programme, while Volkswagen plans to have cut 120,000 jobs globally across its 10 brands by 2030.
