November 20, 2019 / 1:46 PM / 20 days ago

BMW in talks with workers about efficiency measures

FILE PHOTO: The BMW logo is seen on a car in Nice, France, April 8, 2019. REUTERS/Eric Gaillard/File Photo

FRANKFURT (Reuters) - BMW (BMWG.DE) is in talks with labor representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros ($13.26 bln) 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 program with top suppliers which includes agreements with 18 companies.

Reporting by Edward Taylor, Editing by Tassilo Hummel

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