BMW AG said it’s likely to take a charge exceeding 1 billion euros ($1.1 billion) related to the European Union’s investigation into German automakers allegedly colluding to delay the rollout of cleaner-emission cars.
The provision will drag on first-quarter financial results and reduce automotive profit margin this year to as low as 4.5 percent, according to an April 5 statement. BMW said it’s contesting the allegations “with all legal means,” but that it’s probable the European Commission will issue a significant fine.
The EU announced in September it had opened a probe into BMW, Volkswagen AG and Daimler AG over ...
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