BMW warns on profits as it counts cost of plan for 8,000 job cuts

German carmaker slashes profit margin to between -0. 5% and 0.

5% this year in face of competition from China The German carmaker BMW has issued its second profit warning in a year, blaming the costs of a restructuring programme including significant job losses in the face of continuing competition from China. The company is the latest to issue a profit downgrade in the German car sector, with Mercedes-Benz last week cutting its profit…