BMW to raise SUV prices in China as much as 7% due to tariffs

BMW to raise SUV prices in China as much as 7% due to tariffs

The German carmaker, which builds the vehicles in Spartanburg, South Carolina, said Sunday it would increase retail prices for X5 and X6 models in China between 4% and 7%.

BMW logo on a vehicle at the New York Auto Show in Manhattan, New York City, New York, US, March 2018. (Reuters pic)
BERLIN:
Bayerische Motoren Werke AG will raise the price of some mid-sized sport utility vehicles in China by as much as 7% beginning Monday, in a further rippling of the US-China trade war through the global supply of products.

The German carmaker, which builds the vehicles in Spartanburg, South Carolina, said Sunday it would increase its suggested retail prices for X5 and X6 models in China between 4% and 7%. In 2017, BMW exported more than 81,000 US-made SUVs valued at US$2.37 billion to China, the biggest market for its American exports.

U.S. President Donald Trump has imposed duties on billions of dollars in Chinese imports and has threatened more, prompting retaliatory measures from Beijing. The effects are rippling through various industries, including soybean farms, industrial chemical manufacturers and even lobster trap-makers in the Northeast.

BMW exported about 272,000 vehicles from the US last year, compared with 202,000 models it imported. The BMW price increase was reported earlier by Reuters.

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