BMW's Coronavirus Guidance: 2020 Will Be Rough
German automaker BMW (OTC: BAMXF) (OTC: BMWYY) said that it will shut down its factories in Europe and South Africa until April 19, in response to lower demand and the need to help reduce the risk of spreading the COVID-19 virus.
The company also said that it expects sales and profit to drop significantly in 2020 as the coronavirus spreads through Europe and North America. But, it said, it thinks that the worst effects will happen in the first half of the year, with improvement later on.
The statements came at BMW's annual accounts press conference, at which it presented its full-year results for 2019 and gave what guidance it could for the uncertain year that lies ahead.
Source Fool.com
