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BMW names new boss to steer car giant in tough times / Photo: Ronny Hartmann - AFP
NYSE - LSE
BMW names new boss to steer car giant in tough times
BMW said Tuesday its head of production Milan Nedeljkovic will take over as chief executive as the German auto giant contends with challenges ranging from the electric shift to Chinese competition.
An engineer by training and an employee of the Munich-based manufacturer since 1993, the 56-year-old will succeed current CEO Oliver Zipse in May when he reaches the end of his term, the group said in a statement.
Nedeljkovic currently oversees the group's factories worldwide, which produce both electric and combustion engine models on the same production lines.
A key task will be advancing BMW's expansion of its electric vehicle (EV) offerings, already well underway under Zipse's leadership.
But the Serbian-born executive takes over at a time of deep crisis for Germany's flagship auto sector.
BMW, which also owns the Mini and Rolls-Royce brands, is seeing its sales decline in the key Chinese market due to strong local competition, particularly when it comes to EVs.
BMW, like domestic rivals Mercedes-Benz and Volkswagen, has also been impacted by US tariffs, although it has fared somewhat better as its largest factory in the world is located in South Carolina.
The carmaker reported rising profitability in the third quarter due to healthy worldwide sales, with Zipse saying the group had proven itself "resilient" in the face of headwinds.
K.Sosa--HdM
