BMW could face €1bn hit from costlier raw materials

Rising raw material prices, in particular rhodium, palladium and steel, could cost German carmaker BMW an additional €1bn (roughly R17,246,892,300) in 2021, the company's CFO said on Friday.

In a conference call, Nicolas Peter said that higher raw material costs will be partly offset by favourable currency exchange rates, so the net impact will be about €500m (roughly R8,609,869,565).