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BMW shares fall after recall of 1.5m vehicles over problem with brakes
The Guardian
|September 11, 2024
Shares in BMW tumbled yesterday as the carmaker revealed it will have to recall 1.5m vehicles over a braking problem, costing it almost €1bn.
The German manufacturer said its annual earnings will be considerably lower than expected, with the fault in the braking system now discovered to be far more widespread than initially thought.
Although BMW said the problems with the braking systems in the new cars was not a safety issue, the additional cost under warranties will be a "high three-digit million amount", the firm said.
The carmaker said weak demand from China would also affect its profits, with margins expected to be about 6% rather than 10%. BMW's share price fell around 11% to a fouryear low.
This story is from the September 11, 2024 edition of The Guardian.
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