BMW boss says group is not in crisis despite plummeting sales
The German boss of luxury car maker BMW BMW
in full Bayerische Motoren Werke AG
German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. insisted on Monday Monday: see week. that the iconic i·con·ic
1. Of, relating to, or having the character of an icon.
2. Having a conventional formulaic style. Used of certain memorial statues and busts. company is not in a crisis even though sales collapsed last month.
"To make it clear, BMW is not in crisis," the head of its German operations, Philipp von Sahr told the Germany daily Tagesspiegel.
"The BMW group is in a good position (and will) ... in no case end up in the ditch ditch (ditching),
n the undesirable loss of tooth substance in the region of a restoration margin (usually gingival). .
"Many reproach re·proach
tr.v. re·proached, re·proach·ing, re·proach·es
1. To express disapproval of, criticism of, or disappointment in (someone). See Synonyms at admonish.
2. To bring shame upon; disgrace.
n. automobile manufacturers for having identified too late the trend towards fuel efficient cars -- that was not the case for BMW," von Sahr said.
In November, the German group said sales tumbled 25 percent and it was one of the first to announce production cuts to cope with a collapse in the market as consumers hold onto their cash in an economy now in recession.
BMW has also decided not to provide a detailed outlook for the current fiscal year.
In Germany, "we are going to get to the end of the year at the level of 2007" sales, the BMW executive said, "but at the global level, we are not going to reach last year's figures."
To save money, BMW "will surely not retain all its marketing and sponsoring activities," von Sahr added.