It took BMW AG more than two years to discover the extent of a braking system fault that is expected to cost the carmaker nearly €1 billion ($1.1 billion) to fix.

The company's shares plummeted last week on its profit warning as it revealed the scale of the problem, with €5bn at one stage being wiped off their value. View on euronews

A significant braking system defect at BMW AG could lead to €1 billion in repair costs and affects 1.5 million vehicles, prompting a large-scale recall. The company is under financial pressure, with recent profit warnings impacting its market value amid broader automotive industry concerns.

BMW faces a €1 billion recall affecting 1.5 million cars due to faulty brakes. Complaints began in June 2022, but severity was only realized last month.