BMW CEO to quit after company falls behind on electric vehicles - Global News

BMW CEO Harald Krueger is stepping down after a four-year tenure in which the automaker lost its lead in luxury car sales and saw an early head start in electric vehicles evaporate.READ MORE: Car2Go merges with BMW’s car-sharing service
Story continues belowThe Germany company said Friday that Krueger, 53, would not seek an extension of his contract, which expires at the end of April 2020. The board of directors will meet to discuss the issue of a successor on July 18 and Krueger will remain in his job until a decision is made.Munich-based BMW is facing pressures that are affecting the car industry across the board, including high costs to develop electric vehicles to meet tighter emissions regulations in Europe and China, and investments in autonomous vehicles to compete with tech companies like Waymo and Uber.BMW had been an early leader in moving to electric cars, launching a battery-driven vehicle, the i3, in 2013 ahead of competitors Daimler and Volkswagen — but did not follow up with compelling successors. It has focused much of its electric effort on plug-in hybrids, which combine internal combustion and electric power. Meanwhile, California’s Tesla took sales leadership in premium-priced electric cars.WATCH: Security camera footage shows Canada geese attacking employees at BMW service Centre

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July 06, 2019 at 05:06AM