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BMW recalls 1.5M cars over brake failures
The Bavarian automaker is facing one of its largest recall campaigns ever, which encompasses a million and a half vehicles and may cost a billion USD to complete. The reason? Faulty brakes.
Unsurprisingly, the company has revised its profit estimates for 2024 in the wake of the recall. Instead of a moderate profit, BMW now expects to end the year 6–7% in the red.
The news has already sent ripples through the stock market, with BMW stock down 11.43% on Friday.
Editor: Andrew Raspopov
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September 14, 2024
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