New from Christoph Rauwald on Bloomberg:
BMW AG will slash bonus payments and expand working hours for some employees in Germany as the luxury-car maker grapples with the costly shift to electric and self-driving vehicles.Bloomberg
Costly? I thought they would fund the transition with all their profits on polluting cars?
While BMW’s efforts lack the bite of drastic cutbacks at outlined by rival Audi, they reflect the growing pressure facing Germany’s horsepower-focused brands to adapt to a new automotive era.Bloomberg
In case you missed it, check out yesterday’s news about Audi cutting nearly 10,000 jobs to prepare for the electrification shift.
Stricter emissions regulations are all but impossible to meet without sizable sales of electric vehicles, which have so far met with limited interest from consumers. Trade wars and softening demand in major markets like China has made navigating the transition even more fraught.Bloomberg
Translation: Legacy auto is completely fucked.