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this post was submitted on 16 Jan 2024
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4% of turnover is massive. Take BMW as an example, 4% of their revenue is 5.7Billion dollars, compared to their net profit of 18.6Billion. One third of their entire profit is absolutely enough to make them do everything they can to avoid it. Also, importantly, they cant get up to creative accounting to minimise revenue, misrepresenting that is fraud, unlike profit when companies get up to all sorts of tricks to artificiality lower it.
Honestly BMW comes out quite well in the scenario compared to many of their competitors. I looked up Citroen, Fiat, Ford & GM and they all were in the range of 60-90% of their profit getting wiped out by a GDPR 4% fine.
I was kinda hoping to find one over 100% profit, but I decided not to spend the rest of my evening looking up annual financials for car manufactures