In a report by Reuters, one of the board members of BMW Group said that the company plans a significant reduction in production costs by 2025. The move is said to gain competitiveness against Volkswagen, Daimler, and Tesla.
"We will lower the production costs per vehicle by 25% by 2025 - compared with the level in 2019," Milan Nedeljkovic, BMW's board member in charge of production, was quoted as saying by German newspaper Handelsblatt.
Earlier, BMW said that the company remains on its course to meet profit targets for 2021 despite rising cost of raw materials. However, the ongoing global chip shortage is expected to worsen and may affect production in the second quarter of the year.
Also read:
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Shaun
Senior Writer
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