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BMW in talks with workers about efficiency measures

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By Reuters
BMW in talks with workers about efficiency measures
FILE PHOTO: The logo of German manufacturer BMW is seen on the wheel spinner of a 1939 BMW 327/328 convertible car at the 33th Auto Zuerich Car Show in Zurich, Switzerland October 31, 2019. REUTERS/Arnd Wiegmann   -   Copyright  ARND WIEGMANN(Reuters)

FRANKFURT (Reuters) – BMW <BMWG.DE> is in talks with labour representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros (£10 billion) by 2022, Chief Financial Officer Nicolas Peter told analysts on Wednesday.

“We are currently discussing additional measures with the Works Council. All parties are working very constructively to make the company even stronger and more efficient,” Peter said.

“The results will be presented next Wednesday at our employee meeting. One thing is clear: We will have to achieve significant savings each year with these measures,” Peter added.

BMW plans to keep staff numbers at roughly the same level as 2018, Peter said.

Separately, BMW said it has introduced an efficiency programme with top suppliers which includes agreements with 18 companies.

(Reporting by Edward Taylor, Editing by Tassilo Hummel)