The top boss of Mini parent firm BMW has insisted the company is in a strong position despite seeing profits nosedive by more than 90 per cent.
Norbert Reithofer, chairman of the BMW board, said: “We prepared ourselves early on and swiftly for severe business conditions, for example by taking immediate steps to bring production volumes into line with lower demand.
“Cost structures have been futher optimised and, thanks to rigorous management of free cash flow, the BMW Group is in a very solid financial position.”
Dr Reithofer was speaking after it was revealed the Munich-based firm made a pre-tax profit of £323m in 2008, down 90.9 per cent on the 2007 figure of £3.5bn.
The group also cut its worldwide workforce by seven per cent to 100,041.
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