BMW cut its profit margin forecast for the year Tuesday due to sluggish demand in China, its key market, and problems related to a braking system supplied by Continental, sending the carmaker’s shares close to a two-year low.
The German luxury carmaker said delivery hold-ups linked to the braking system would have a negative effect on sales in the second half of the year, adding that more than 1.5 million cars were affected.
Around 1.2 million of those vehicles have been already delivered to clients and can be remotely checked for faults via over-the-air software, but the remaining 320,000 vehicles cannot be handed over to the
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