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BMW shares buoyant despite plunging 2008 sales

German luxury automaker BMW, which is reliant on the slumping North American market, said on Friday its 2008 vehicle sales fell five percent to €53 billion ($71.6 billion).

Published: 6 February 2009 15:10 CET
BMW shares buoyant despite plunging 2008 sales
Photo: DPA

It said demand tumbled in the fourth quarter, in common with the industry as a whole as the global financial crisis pushed key markets into recession. Sales of BMW’s three auto brands, which include Mini and Rolls-Royce, fell 9.4 percent to €48.8 billion while motorcycles edged up 0.2 percent to €1.2 billion.

Financial services, which have been a source of worry for the group, posted a strong increase of 12.8 percent to €15.7 billion however.

BMW said “business conditions for the automobile sector deteriorated sharply again in the fourth quarter of 2008.”

Later Friday, sales data for January confirmed that the slump did not end last year, with vehicle sales down 24 percent to 70,405 vehicles last month. Mini sales fell 35 percent in January after the company halted production of its popular convertible model pending the launch of a new version on March 28.

German rival Audi meanwhile said its sales slumped 29 percent in January to around 56,200 vehicles, with the downturn looking worse in part because the figure for January 2008 was boosted by the launch of a new version of its best-selling A4 model.

“This year won’t be easy for anyone but our strategy at Audi remains (to be on the) offensive,” Audi executive board member Peter Schwarzenbauer said in a statement, looking ahead to the launch of six new models in the first half.

“Current market conditions remain extremely challenging,” BMW executive board member Ian Robertson said in a company statement.

Robertson nonetheless expected BMW to profit from a broad-based plan to improve the fuel-efficiency of its cars as more European countries adopted measures aimed at fighting greenhouse emissions.

Investors were encouraged by the full-year sales figures and BMW shares shot up 9.44 percent to €21.44 in afternoon trade while the wider market was up 1.35 percent overall.

The group confirmed that 2008 full-year earnings would be solidly in the black when it releases detailed figures on March 18. BMW has already said that total production came to 1.44 million vehicles in 2008, down 4.3 percent.

Like its rivals, the company has been hit by a global slump in auto sales, especially in the United States, its main market.

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WORKING IN GERMANY

Which Bavaria-based companies regularly hire English speakers?

Bavaria is no doubt a beautiful state with a strong economy, but can be a hard place for non-German speakers to integrate. The Local takes a look at job opportunities in Germany’s southeastern 'Free State.'

Published: 7 February 2024 10:54 CET
Updated: 10 February 2024 08:20 CET
Which Bavaria-based companies regularly hire English speakers?

Munich ranks third in German cities with the highest total GDP, behind Berlin and Hamburg, but in terms of GDP per capita, it’s higher than both of them.

It also consistently ranks high, often highest, in terms of average household income.

As of 2023, nine of the 40 companies listed on DAX, Germany’s stock index, were based in Bavaria. Seven of those are based specifically in Munich.

While Frankfurt is commonly known to be Germany’s business capital, Munich can claim the title of Germany’s insurance capital, which is saying something, as Germany is home to some of the largest insurance firms in the world, like Allianz.

Beyond the state’s capital city, a number of international companies are based elsewhere in Bavaria, particularly in the Franken region, near Nuremberg.

Which companies actively hire English speakers?

Bavaria, and Munich in particular, is home to a number of companies at the forefront of international business. But the state is known for its traditional, sometimes conservative, culture, which affects its business culture as well.

Whereas companies embracing English as their primary business language are easy to find in Berlin, the practice is less common in the south. That said, there are some notable exceptions. 

Sportswear giants, Adidas and Puma, both have their headquarters near Nuremberg in Herzogenaurach, and regularly recruit English speaking international talent.

“As an international company, our teams reflect the rich diversity of our consumers and communities,” Jon Greenhalgh, Senior Manager Media Relations for Adidas told The Local. “Fostering a culture of inclusion where we value and leverage differences, ensures that we can authentically engage with our employees and truly connect with our consumers.”

He added that around 40 per cent of Adidas’ Germany-based employees are foreign nationals, from over 100 different countries.

Siemens and BMW rank among Bavaria’s top employers, and are also known to hire their fair share of foreigners.

“In Germany, we recently had around 2,000 open positions,” Konstanze Somborn told The Local on behalf of Siemens AG.

He added that Siemens operates in 190 countries. “That is why we value international teams very much…English as a common language is very usual.”

READ ALSO: ‘Which German companies want to hire foreigners?’

Similarly, BMW hires workers from a variety of backgrounds. 

“Every year, we hire lots of internationals and welcome them to the BMW Group,” Dr. Hans-Peter Ketterl, a press spokesman for BMW Group told The Local. 

But not all of these positions are available to non-German speakers.

Ketterl added that BMW’s working language is German in the country, even though, “English is an indispensable entry requirement as the second corporate language in many areas of the company.”

Check job boards and follow best practices

If it’s your first time applying for jobs in Germany, make sure to change your resume to the German format, even for English positions.

While Germany is home to its own job boards, like Xing, LinkedIn is probably the best place to start. In addition to searching for positions based in your preferred location, you can check relevant groups, like Munich Startups, to broaden your horizons.

The English Jobs in Germany website is also a good resource to start with. 

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