BMW cuts forecasts, cuts jobs due to Corona

BMW cuts forecasts, cuts jobs due to Corona

The German automaker BMW announced yesterday evening Tuesday that it had reduced its expectations and plans to reduce the number of employees due to the Corona pandemic.

The company explained that achieving its goals requires reducing the number of its employees slightly compared to their number in the past year.

 The company added that it would benefit from the fluctuation in vacancies to push forward the restructuring of workers, and the company did not disclose in principle the number of workers who would be victims of the strict austerity policy.

The number of BMW employees had reached 134,000 by the end of 2019, according to an old census, and the number after the amendment had reached about 126,000 people, and the plans of the President of the company, Oliver Tsepez, had been until now to keep this number during the current year.

The company will present its first-quarter results tomorrow, Wednesday, and there are expectations that the effects of the Corona pandemic will appear strongly on the company's results in the second quarter.

 And BMW's expectations in mid-March indicated that stopping production due to the spread of the Corona virus would last four weeks, but lasted for nearly six weeks, and that the pace of production was not immediately restored to full capacity in the company's factories in Europe, South Africa and North America, as well as Doubting whether customers would immediately accept to buy cars, as was the case before the crisis.

The Federation of German Carmakers is currently seeking to push the German government to provide a new incentive to purchase cars to support the important sector for Germany.

 BMW AG BAMG.DE to reach the coronavirus pandemic to demand and profits throughout this year, prompting the German car manufacturer to lower the expectations of profitability for passenger cars after the drop in deliveries in the first quarter.

 BMW announced a 133% jump in first-quarter profit to 1.38 billion euros ($ 1.50 billion). But that was against a period last year when profits were reduced to 589 million euros by providing 1.4 billion euros one time