Shares in BMW slid more than 8 per cent on Tuesday after it revealed 1.5mn of cars sold in the past two years could have faulty braking systems.
The Munich-based maker of premium cars cut its full-year earnings forecast and set aside a “high three-digit million amount” for expected warranty payments in the third quarter, as it warned weak demand in China would push sales down further.
The company said cars produced between June 2022 and this August, including models such as the BMW X1, Mini Cooper and Rolls-Royce Spectre could be affected, adding that 3 per cent to 5 per cent of the potentially affected cars were expected to have been installed with a brake support system that could malfunction.
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