BMW shares in Germany are down 36% so far this year, as the automaker's latest forecast downgrade was described by JPMorgan analyst Jose Asumendi as a "wake-up call for the auto industry."
The outlook for BMW continues to deteriorate, with Bloomberg reporting that the automaker will begin a sweeping workforce restructuring in Germany this fall.
Voluntary departures in Germany are expected to account for most of the roughly 8,000 positions BMW plans to eliminate globally, equivalent to about 5% of its workforce. The restructuring is aimed at reducing costs and strengthening the automaker's ability to compete with fast-growing Chinese rivals.
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