An analyst from Evercore ISI estimates BMW will lose between €100-150 million due to the ruble’s massive depreciation.
An analyst from Evercore ISI estimates BMW will lose between €100-150 million due to the ruble's massive depreciation.
Automotive News Europe is citing Arndt Ellinghorst from Evercore ISI who revealed in a note published this week that BMW could lose between €100-150 million in earnings in the fourth quarter of 2014 if the ruble loses fifty percent of its value.
BMW has already taken measures to cut losses by relocating vehicles to more attractive markets, according to company spokesman Nikolai Glies who added this move started back in the summer. Through November this year, BMW sold 33,465 units (including MINIs) in Russia, representing a 17 percent decrease compared to the same period of 2013.
In the same note, Arndt Ellinghorst estimates Volkswagen, Daimler, Renault and Hyundai could face even larger losses compared to BMW.