Latest news with #BMWs
Int'l Business Times
15 hours ago
- Automotive
- Int'l Business Times
BMW Says Can Weather Tariff Storm Despite Profit Plunge
German carmaker BMW stuck to its 2025 targets Thursday despite quarterly profits tumbling a third due partly to US tariffs, insisting its large American operations meant it could weather the storm. Their optimism stands in contrast to domestic rivals Volkswagen and Mercedes-Benz, who cut their outlooks in the past week as they grapple with the fallout from US President Donald Trump's hardball trade policies. Automakers have faced US import taxes of 27.5 percent since April, part of Trump's tariff blitz, although these are set to be cut to 15 percent from August under a deal between the United States and the EU. "Our footprint in the US is helping us limit the impact of tariffs," BMW finance chief Walter Mertl said in a statement. "We set ourselves apart in the automotive industry with our global footprint and our highly flexible operations. This strong strategic positioning... allows us to adapt swiftly to changing market conditions." The group's largest plant worldwide is in the United States, in South Carolina, where they produce 400,000 vehicles annually. Despite the upbeat statements, BMW still saw second-quarter net profits slide 32 percent year-on-year to 1.8 billion euros ($2.1 billion), hit by the US import taxes as well as falling sales in China. Revenues fell to 34 billion euros. While they did not give a precise figure, BMW said tariffs pushed down profit margins in its auto segment by two percentage points in the April-June period, amounting to a hefty hit. The Munich-headquartered group also forecast the levies would cut 1.25 percentage points off margins over the whole year. But the manufacturer stuck to its full-year guidance of achieving margins of between five and seven percent in its auto segment. That is similar to the 6.3 percent level recorded last year but below a long-term aim of between eight and 10 percent. It is also continuing to forecast earnings before tax in 2025 on par with the previous year when they were just below 11 billion euros. BMW's position is "more stable" compared to its domestic rivals, said Ferdinand Dudenhoeffer, director of the Center Automotive Research institute. "The large plant in (the United States) and the SUVs produced there have helped to make the slump more manageable and BMW was able to sell more cars in the United States despite the tariffs," he said. Deliveries of BMWs in the United States rose 1.4 percent in the April-June period, as they increased worldwide by 0.4 percent. The manufacturer remains exposed to the tariffs however, as it continues to export around half of its cars destined for US customers to the United States, mainly from Europe and Mexico. China was a different story, however, with sales down 14 percent in the quarter. Like other German manufacturers, BMW is facing fierce competition from local rivals like BYD particularly for sales of electric vehicles. CEO Oliver Zipse also welcomed the trade deal struck between Trump and the European Union at the weekend but said the new tariffs still "burden" European exporters. "We urge both sides to continue working towards market openness," he said. BMW boss Oliver Zipse welcomed the EU-US trade deal AFP
Time of India
4 days ago
- Time of India
Brake failure or human error? Viral dashcam footage shows devastating crash on Mumbai-Pune Expressway that killed 1, 19 injured
In a shocking incident, dashcam video footage revealed a gruesome crash and car pile-up that occurred along the Mumbai-Pune Expressway on Saturday, July 26. The video of the accident has now gone viral on social media, providing key insights into what went wrong and how the accident unfolded. The footage shows the driver of the large truck losing control at high speed before suddenly swerving left toward the divider, seemingly in an attempt to minimise the impact. The video shows the truck veering left abruptly, crashing into multiple vehicles in the outer lane. Despite the severe damage, the driver appears to have intentionally avoided the central lanes, potentially preventing a far more catastrophic accident during peak traffic hours. Break failure triggers massive pile-up on Khopoli route The container truck was moving on the Khopoli route when it reportedly suffered a brake failure, leading to a major accident involving over 20 vehicles, including luxury cars like BMWs and Mercedes, according to PTI. As per the official statement quoted in the report, the driver lost control due to the brake malfunction and crashed into multiple vehicles. Nineteen people sustained serious injuries and were rushed to a private hospital in Navi Mumbai, while one woman tragically died during treatment. Source : Instagram Dashcam video of yesterday's Mumbai Pune Expressway crash shows the truck driver losing control and tried to avoid much more danger by moving to the road shoulder and hit vehicles on the left runaway ramps are essential here.@RSGuy_India… Was it a brake failure or the driver's fault? Meanwhile, the Khopoli police took the driver into custody, and a medical examination confirmed that he was not under the influence of alcohol at the time of the accident. However, a case has been registered, and a further investigation is underway. Casualties in the Mumbai-Pune Expressway accident According to PTI, one woman lost her life in the accident, while the injured are currently receiving treatment at a private hospital in Navi Mumbai. The crash also caused heavy traffic congestion, resulting in a backlog stretching nearly 5 kilometres along the highway. FAQs Q. What caused the massive pile-up on the Mumbai–Pune Expressway? According to PTI, the collision occurred because a container trailer truck reportedly suffered brake failure while descending near Khopoli. Q. What were the casualties and consequences of the crash? As per TOI, a 58-year-old woman from Dharashiv lost her life in the crash. Eighteen others, mostly women, were seriously injured and treated at hospitals in Navi Mumbai and Khopoli. To stay updated on the stories that are going viral, follow Indiatimes Trending.
The Citizen
4 days ago
- Automotive
- The Citizen
Ramaphosa optimistic about auto industry amid US tariff deadline
The announcement and anticipation of US tariffs have already had an immediate and devastating impact on trade performance. With South Africa having less than a week to negotiate a tariff deal before the 1st August deadline hits, President Cyril Ramaphosa has hailed the auto industry in the country, saying it continues to 'drive investment, jobs and innovation'. The announcement and anticipation of the US tariffs already had a devastating and immediate impact on trade performance, even before the tariffs were implemented. Vehicle exports Vehicle exports to the US dropped by 73% in the first quarter of 2025, followed by a further decline of 80% in April and 85% in May. However, Ramaphosa remains optimistic. Writing in his weekly newsletter on Monday, Ramaphosa said since the first assembly plants were established in the Eastern Cape in the 1920s, the auto industry has grown to become the 'largest manufacturing sector in the country'. 'South Africa's role in global vehicle manufacturing has expanded and grown. 'Auto companies like Toyota, Ford, Nissan, Volkswagen, BMW and Mercedes-Benz have plants here in our country that produce vehicles for the local market and for export to many other countries in the world,' Ramaphosa said. ALSO READ: Ramaphosa responds to US' push for sanctions against SA leaders BMW investment Last week, Ramaphosa attended the launch of BMW's new X3 plug-in hybrid at the company's Rosslyn plant in Tshwane. While concerns were raised about tariffs on BMWs, the marque's South African boss, Peter van Binsbergen, stated that the current uncertainty surrounding US tariffs being imposed on vehicle imports from South Africa and the renewal of the African Growth and Opportunity Act (Agoa) will not impact the group in the short term. 'Currently — this year and in next year's plan — there are no exports to the US in our production plan, which is fully maxed out on demand,' he said on Thursday. Green mobility Ramaphosa said South Africa is the exclusive global production site for BMW's new X3 plug-in hybrid. He said that the shift from internal combustion engines (ICE) to hybrid and electric vehicles (EVs) in several markets means that green mobility is becoming increasingly important for automotive manufacturers. 'The latest investment by BMW, following their pledge at our South Africa Investment Conference in 2023, is a welcome signal to investors that South Africa remains a favourable place to do business. 'As government, we are working to ensure there is an enabling regulatory and policy environment to support the growth of this burgeoning industrial activity,' the president said. Car manufacturing Ramaphosa emphasised that government support to the car manufacturing industry through the Automotive Production and Development Programme will position South Africa as a 'key global manufacturing base for vehicles of the future'. 'Protecting existing jobs in the sector is paramount, particularly in the light of the looming US tariffs. The need to diversify our export base has become all the greater. 'We are committed to working with the sector to expand its continental footprint, building on the already strong growth of exports to the SADC region and leveraging the trade relationships that exist,' Ramaphosa said. Ramaphosa added that amid these challenges, South Africa's auto industry is making the investments 'needed to build resilience, protect jobs and lead the way into a new era of green mobility'. ALSO READ: Ramaphosa defends transformation: 'We must dispel the false notion'
New Indian Express
6 days ago
- New Indian Express
Truck goes out of control on Mumbai-Pune Expressway, hits 20 vehicles; one dead, 18 injured
A tragic accident on the Mumbai-Pune Expressway claimed the life of a woman and left 18 others injured on Saturday afternoon, when a speeding container trailer truck lost control and ploughed into at least 20 vehicles in Raigad district. According to the police, the incident occurred within the limits of Khalapur taluka. Preliminary reports suggest that the truck suffered a brake failure, causing the driver to lose control. The out-of-control vehicle crashed into multiple cars, including several luxury vehicles such as BMWs and Mercedes-Benz models. A total of 19 people sustained injuries in the pile-up and were rushed to a private hospital in Navi Mumbai. Despite medical efforts, one of the victims, a woman succumbed to her injuries during treatment. The driver of the truck has been taken into custody. A medical test confirmed that he was not under the influence of alcohol at the time of the crash. Police have registered a case and launched a detailed investigation into the incident.
Time of India
6 days ago
- Time of India
Mumbai-Pune Expressway crash: 1 dead, 18 injured as truck rams 20 vehicles; BMWs, Mercedes among those hit
NEW DELHI: A woman was killed and at least 18 others injured when a speeding container trailer truck ploughed into a queue of vehicles on the Mumbai-Pune Expressway on Saturday afternoon, police said. The pile-up occurred near the Adoshi tunnel under Khopoli police station limits in Raigad district's Khalapur taluka. According to police, the truck's brakes are believed to have failed, causing the driver to lose control. The vehicle slammed into around 20 vehicles, including several high-end cars such as BMWs and Mercedes-Benz. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai 'All 19 injured were taken to a private hospital in Navi Mumbai, where one woman succumbed to her injuries,' a police official told reporters. The driver of the truck has been taken into custody. However, a preliminary medical examination has ruled out alcohol consumption, authorities said. A case has been registered and further investigation is ongoing.
