FRANKFURT -- BMW is in talks with labor representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros ($13.26 billion) by 2022, CFO Nicolas Peter told analysts on Wednesday.
"We are currently discussing additional measures with the Works Council. All parties are working very constructively to make the company even stronger and more efficient," Peter said.
"The results will be presented next Wednesday at our employee meeting. One thing is clear: We will have to achieve significant savings each year with these measures," Peter said.
BMW plans to keep staff numbers at roughly the same level as 2018, Peter said.
BMW also said it has introduced an efficiency program with top suppliers that includes agreements with 18 companies.
It said it would cull models, reduce development times by as much as one third and hold the workforce steady this year.