BMW CEO vows to overhaul business after disappointing first half

BERLIN: BMW CEO Milan Nedeljkovic pledged on Thursday to critically look at the carmaker's core business model ‌after ⁠first-half ⁠financial results fell short, hit by a decline in sales in China.

"The figures in the first ​and second ⁠quarters are ‌not satisfactory," ​Nedeljkovic ​said in a ⁠speech to analysts, vowing to make ​the company leaner ​with a voluntary severance programme and reevaluation of products, from electric vehicles ‌to combustion engine cars.

The company's forecast range ​of 1% ​to ⁠3% for its core operating margin includes a 1.25 percentage-point ​burden from workforce restructuring, finance chief Walter Mertl said.


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