BMW Philippines Winds Down Operations, Posts Loss of P187M

Losses of BMW AG’s local unit widened as it ended operations in the Philippines last year and turned over the local dealership to its Filipino business partner.

BMW Philippines Corp., in its 2008 financial report, said it had to sell inventory at a loss ahead of the closure of local operations.

The company’s net loss last year ballooned to P186.53 million from only P22.43 million in 2007. Meanwhile, sales of the leading luxury car brand inched up by only P15 million to P1.89 billion in 2008. Read more

Local Group Reassumes Control over BMW Philippines

The BMW Group of Germany has decided to return control of its automobile business in the Philippines to its minority partner Asian Carmakers Corp. (ACC). The turnover will take effect Jan. 1, 2009.

In line with this BMW Philippines, owned 70 percent by the BMW Group and 30 percent by ACC, will be dissolved by December.

In an exclusive interview with The STAR, ACC chairman Jose Ch. “Pepito” Alvarez  said the BMW automobile business in the country will remain intact, but would now revert back to the control of ACC which had previously controlled the franchise. Read more