BMW Aktiengesellschaft (Ticker: BMWYY.PK) announced on Tuesday a downward revision of its guidance for the fiscal year 2024. This adjustment stems primarily from subdued demand in the Chinese market as well as technical issues with the Integrated Braking System, leading to additional warranty costs in the high nine-figure millions during the third quarter.The automaker now projects an EBIT (Earnings Before Interest and Taxes) margin of 6 to 7 percent, down from the previously forecasted range of 8 to 10 percent for the entirety of 2024.Furthermore, BMW anticipates a Return on Capital Employed (ROCE) of 11 to 13 percent, a significant reduction from its earlier projection of 15 to 20 percent for the same period.At present, BMW’s stock has dropped by 11.74 percent, trading at $25.18 compared to its previous close of $28.53 on the OTC Markets.The material has been provided by InstaForex Company – www.instaforex.com
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