BMW seeks $13.6B in cost cuts

BMW announced plans to cut costs by $13.6 billion.

The plans were laid out alongside estimates the company's pretax profits in 2019 would drop by more than 10 percent.

"Depending on how conditions develop, our guidance may be subject to additional risks; in particular, the risk of a no-deal Brexit and ongoing developments in international trade policy," Chief Financial Officer Nicolas Peter said.

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