BMW and Hyundai report sharp falls in car sales

BMW expects the coronavirus pandemic to hit demand and earnings throughout this year, prompting the German automaker to cut its profitability forecast for passenger cars following a drop in first-quarter deliveries.

The firm forecast a margin on automotive earnings before interest and taxes of 0% to 3% this year, versus the 2% to 4% seen before demand was crippled by worldwide restrictions on movement to tackle the virus.