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Concerns that braking problem at BMW could affect other car makers causes Volkswagen shares to decline 4%
- BMW lowered its 2024 EBIT margin to a range of 6%-7% from 8%-10% originally, saying that they have had to recall 1.5 million vehicles due to a faulty braking system from the supplier.
- Volkswagen shares slipped 4% over concerns that the supplier problem could affect other automakers.
- BMW also cited muted demand in China as one of the other reasons behind reduced guidance.