India, March 20 -- German high-end carmaker BMW warned Wednesday it expects pre-tax profits "well below" 2018 levels this year as it announced a massive cost-cutting scheme aimed at saving 12 billion euros (USD 13.6 billion) in total by 2022.
A spokesman said that "well below" could indicate a tumble of more than 10 per cent.
The Munich-based group's 2019 result will be burdened with massive investments needed for the transition to electric cars, exchange rate headwinds and rising raw materials prices, it said in a statement.
Meanwhile it must pump more cash into measures to meet strict European carbon dioxide (CO2) emissions limits set to bite from next year.
And a one-off windfall in 2018's results will create a negative comparison, e...