The fast-paced shift towards electricity-powered vehicles and the digitalisation of production is piling pressure on the German automobile industry, a central pillar of the country’s economy. Like Volkswagen and, more recently, Audi before them, BMW has found itself needing to cut costs in order to protect its profit margins and level of investment in research and development. However, unlike its competitor based in Ingolstadt, the Munich-based manufacturer has managed to negotiate a company agreement with its works council that should allow it to save some €12 billion by 2022, without any job cuts. Savings in the area of personnel will be achieved mainly through reductions to a range of bonuses.
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