BMW Q1 sales slump as coronavirus hits all markets

[MUNICH] BMW AG's first-quarter car deliveries sank by about 21 per cent to 477,111 as the coronavirus pandemic closed showrooms all over the world and idled production lines.

BMW brand car sales in the first three months sank 20.1 per cent, the carmaker said in a statement Monday. Group sales, which include the Mini and Rolls Royce brands, sank 20.6 per cent.

Carmakers in Europe have closed production lines, hoping the temporary measure will be enough to slow the spread of the coronavirus. German car companies and the government are discussing how soon plants can be reopened in order to restart the country's economic engine that employs more than 800,000 people. BMW's plants are scheduled to operate again from April 20th.

"We are responding to the worldwide challenging sales situation due to the corona pandemic and are adapting our production volume flexibly to demand," BMW's Chief Financial Officer Pieter Nota said in the statement.

All major markets saw double-digit declines in the quarter, the company said in the statement. China, which dropped the most with 30.9 per cent fewer cars sold, is seeing first signs of a recovery, Mr Nota said.

BLOOMBERG