The automobile giant has stated that due to the unpredictability of the market and the high volatility of the industry sector it is very difficult to build forecasts about the future of the market, however, company officials announced today that they anticipate more than 10% reduction in revenue streams and pre-tax profits.
The reason for this uncertainty with the German automobile industry, which transcends to all of the other major industries as well, is the fact that the global free trade is being hindered by the ongoing trade war between the US and China. The fact that investors do not know whether the automobile sector in Germany will suffer from any new potential tariffs in the future is what is currently keep them on the edge.
They have also declared a 12 billion euros’ emergency package of cost cuts, which is meant to offset some of the negative impacts that are expected from higher production costs and lower income streams.
As a result of that, in today's trading session the shares of the company stumbled with a total of 4.57% from the opening price – 75.91 to as low as 71.28. The price also seems to have found support at the previous market dip, and we are yet to see where the price would go next.
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