Following up on the latest press release – the half year result of BMW dropped by 35% compared to last year – this was announced 1st of August by Dr. Norbert Reithofer Chairman of the Board at BMW. The announcement resulted in a 10% drop of BMW stocks. Yes, even an apparently safe bank like BMW is struggling with the current market developments (rising prices for raw materials, dropping sales in US and Asia).
It seems that the ambitious savings program “BMW Number One” (see my previous posts) has been started for a good reason. Reithofer also gave a quick status update on the progress of the savings program pointing out that the long term strategy will remain unchanged and that a first impact on results is expected in 2010. The pressure for success is high - or should we hope for a rising dollar?
