Fleet News

Rover costs BMW £1.79bn

ROVER'S poor performance pushed the BMW Group into the red to the tune of £1.79 billion in the last financial year. The group would have been in profit, before tax, to the tune of £677 million - but this was dented by Rover losses of £731 million plus and an 'exceptional charge' relating to Rover's sale of £1.92 billion.

BMW sales of its own cars achieved the best result in the history of the company. Joachim Milberg, chairman of the BMW management board, said: 'Overall car production by the group was down from the previous year by almost 5% to more than 1.15 million units.

This decrease is attributable to the declining demand for Rover cars and increasing efforts to reduce the stock of Rover models. Production of BMW cars continued to increase. Deliveries by the group remained at the same high level as in the previous year, total sales of BMW, Rover, Land Rover, MG and Mini vehicles exceeding the figure of more than 1,1840,400 units.

In the first quarter of 2000, BMW brand sales were up 4% to 302,000 on last year, Land Rover up 4% to 45,000, but Rover down 7% to 55,000.

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