BMW's downward revision of the 2024 profit margin caused a flash crash in the stock price! European giants such as Volkswagen, Mercedes-Benz, and Porsche all suffered heavy losses in stock prices
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BMW Group has lowered its profit margin forecast for 2024 to 6%-7%, down from the previous 8%-10%. Due to technical issues and weak demand in the Asian market, the stock price plummeted by over 8%, dragging down other European car brands such as Mercedes-Benz and Volkswagen by 4%-5%. BMW stated that the halt in delivery of integrated braking systems has affected over 1.5 million vehicles and is expected to increase warranty costs in the third quarter
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