BMW charged by for inflating US sales #'s over last 5 years

Discussion in 'BMW' started by 101101, Sep 28, 2020.

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  1. 101101

    101101 Well-Known Member

    Title should say BMW charged by SEC for inflating US sales numbers for last 5 years
    But IE doesn't let you edit the thread title after it posts.

    Source is
    https://www.teslarati.com/bmw-lied-us-auto-sales-sec/

    I've been saying that this was totally obvious for a long time now just by looking around the streets in CA where you don't see new BMWs. BMW got off from the SEC with a nothing 18 million dollar fine even though it apparently mislead US investors and it didn't even have to admit wrong doing. But this very strongly implies all of BMWs financial statements are crap. I am sure the German government will pleased with this after diesel gate!

    The reason BMW had to quite apparently lie about its sales numbers and mislead its investors and apparently cause some to suffer unnecessary preventable losses (possibly only delayed but made ultimately much worse) is it couldn't bear the shame of the utter thrashing it has been getting by Tesla globally (not just in the US!) And that is happening because its management and quite possibly its family ownership component has been stupidly resisting electrification.

    Not long ago BMW replaced CEO Harold Kruger supposedly for the worst finacial results in a decade- due again to utter destruction at the hand of Tesla. Kruger was removed not long after he clashed with VW's head Herb Diess (formerly of BMW) over the need to transition to 100% EVs as fast as possible. His replacement was if I remember a protege but regardless someone with the same stupid numb outlook:

    "In an interview this past January, BMW’s head of Research and Development Klaus Froehlich stated that he believes the various markets of the world simply do not have a real need for electric cars. “On the diesel side, production of the 1.5-liter, three-cylinder entry engine will end and the 400-hp, six-cylinder won’t be replaced because it is too expensive and too complicated to build with its four turbos,” he said in an interview with Automotive News. “However, our four- and six-cylinder diesels will remain for at least another 20 years and our gasoline units for at least 30 years.”

    Ah no- not in CA they won't even be legal for sale in 15 years or less. How will it be possible to value BMW going forward when quite apparently its sales data and therefore it revenue has been misstated for the last 5 years? Maybe it should be delisted from the major exchanges? If Frolich leaves BMW now, BMW will be going through CEOs as fast as Ford. Seems like the CEO of BMW would have had to sign off on these statement? Nikola-GM, BMW and now there was a new report on Ford by Tom Nash saying its painting a misleading picture of its actual EV position. Seeing a trend with ICE makers where they just lie. Sure GM did due diligence on Nikola.

    After Kruger left BMW he got involved in synthetic fuels and efforts that would help keep the liquid fuels end of fossil fuels going- in short he went to help fossil fuels again. Maybe Germany should nationalize its automakers for a time and bar these oligarch families from buying back in because they seem to be in the way of addressing climate change. I may have it wrong but my guess is that if these families wanted green it could happen almost immediately at these companies sunk costs be damned. But they apparently don't want it. But their customers do want it and we know how that will turn out.
     
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  3. Recoil45

    Recoil45 Active Member

    Almost every manufacture is planning gas and diesel engines out to 2040 at minimum. Many are still developing new gas and diesel engines right now. This is not a BMW issue. Why the anger towards them?


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  4. SouthernDude

    SouthernDude Active Member

    Just ignore him. He's angry at everything. lol
     
  5. turtleturtle

    turtleturtle Active Member

    We need to man up and admit it’s because they made the kidney bean grill large enough to swallow a buffalo.

    If the brand managers won’t make them change it, hopefully someone from finance will.
     
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    [​IMG]:)
     
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