German automaker BMW and Chinese online gaming giant Tencent Holdings are teaming up to launch a computing centre in China that will help develop self-driving cars in the world’s biggest auto market, the companies said on Friday.
Germany’s BMW will recall 360,000 vehicles in China as part of the worldwide effort to root out defective airbags made by now-defunct Japanese supplier Takata, regulators in Beijing said.
BMW’s first-quarter operating profit fell 78 per cent to 589 million euros, despite higher deliveries of luxury vehicles, as the carmaker felt the effects of higher investment spending and a 1.4 billion euro ($1.6 billion) legal provision. The European Commission last month told German carmakers
Volkswagen said on Friday it made better than expected profit of 8.8 billion euros ($10.7 billion) after tax in 2020 despite the pandemic. The world’s No. 2 automaker said the rapid recovery of China,
Chinese state-backed investors are considering taking BMW’s main Chinese joint-venture partner Brilliance private, five people with knowledge of the matter told Reuters, in the latest such deal targeting beaten down Hong Kong-listed stocks.
BMW expects to make an operating profit this year despite losing 666 million euros ($787 million) in the second quarter after sales of its luxury cars slumped during coronavirus lockdowns, the company said.
BMW and its partner Great Wall Motor said they plan to build a plant in China with a capacity of 160,000 cars per year, and which will produce BMW’s electric Mini brand and Great Wall Motor models.
The driver of the blue BMW seemed to be in a tearing hurry, and thought he would get the better of the locomotive at the railway crossing.
BMW will slash 6,000 jobs this year and freeze a major self-driving technology collaboration with rival Mercedes-Benz as the German luxury carmaker sees demand plunging because of the coronavirus pandemic.