FRANKFURT -- BMW will put investments on hold as it seeks to conserve cash to counter a fall in demand caused by the spread of the coronavirus pandemic, Chief Financial Officer Nicolas Peter said.
"In light of the current situation, we will be delaying a number of projects, like the plant in Hungary. Other projects will be carefully reconsidered," Peter said on a call to discuss first-quarter earnings on Wednesday.
BMW had planned to open a 1 billion euros ($1.17 billion) factory in Hungary by 2023 to produce 150,000 vehicles a year.
Peter said the Hungary plant would be delayed by a year.