BMW Profits down

July 05, 2019 - 8:43 am

BMW's CEO Harald Krueger is stepping down after holding the position for four years.

Company profits shrunk in the first quarter and it's automotive division posted a loss.

Krueger said "Over the last years, the automotive industry has been shaped by enormous changes, which have brought about more transformation that in the previous 30 years,"   

He thanked employees for their efforts and shared he was leaving to "pursue new professional endeavors."  

Profit loss may be attributed to BMW continuing to try and finds its' place in the global auto sector as electric vehicle production  is on the rise.

The Board of Directors will be meeting next week discussing the matter of succession.

Krueger has been with BMW for nearly 30 years. 

Earlier this year, BMW and Daimler announced a strategic partnership focused on highly-automated and autonomous driving.  Together the companies are investing $1 billion to create charging systems for electric vehicles and ride-sharing services.

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