Bayerische Motoren Werke AG, the world’s biggest maker of luxury vehicles, forecast weaker auto profitability in the fourth quarter after investments to roll out new models like the i3 electric car weighed on results.
PSA Peugeot Citroen, whose shares plummeted 60 percent in the last year as car sales plunged, may get a funding lifeline from the French government for its finance arm, a move that would amount to an indirect bailout of the crisis-hit automaker.
Daimler AG, the world’s third- largest maker of luxury vehicles, failed to keep pace with competitors in the second quarter, projecting slower sales growth than Bayerische Motoren Werke AG and posting truck profits that trailed Volvo AB.
Daimler AG, the world’s third- largest maker of luxury cars, is planning to cut annual costs by at least 1 billion euros ($1.31 billion) in response to the region’s deteriorating auto market, a person familiar with the matter said.
Four bankers who worked at Credit Suisse Group AG were charged with conspiring to help U.S. clients evade taxes through secret bank accounts, according to an indictment yesterday and people familiar with the matter.