Mexican Media Brands
BMW Hikes Prices for U.S.-Built Cars Sold in China
BMW AG has become the first high-volume carmaker to raise prices on vehicles it ships from the U.S. to China to partly offset the latter country’s retaliatory import tariffs.
#economics
Share
BMW AG has become the first high-volume carmaker to raise prices on vehicles it ships from the U.S. to China to partly offset the latter country’s retaliatory import tariffs.
The same issue prompted Tesla Inc. three weeks ago to boost prices by about 20% on the American-made electric vehicles it sells in China.
BMW says it is hiking prices for its U.S-built X5 and X6 crossover vehicles by 4% and 7%, respectively. The new prices take effect today.
The increases are intended to offset higher import taxes China implemented in response to U.S. tariffs on aluminum and steel. China had lowered its import levies on cars from 25% to 15% on July 1. But it raised them to 40% a few days later when the U.S. imposed additional taxes on $50 billion worth of Chinese goods.
BMW, which is America’s largest vehicle exporter, ships about 260,000 SUV/crossovers annually from the U.S. to markets overseas.
RELATED CONTENT
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.