BMW raises prices for some models in China on higher costs

Reuters2023-02-01

SHANGHAI, Feb 1 (Reuters) - German automaker BMW

said on Wednesday it had raised suggested retail prices for some models sold in China effective immediately because of higher raw material and logistics costs globally.

The German carmaker increased the manufacturer's suggested retail prices (MSRP) of 17 models in China including its 5 series sedans and X5 crossovers, Shanghai Securities News reported.

The MSRP of X3 crossovers also increased, by 7,000 yuan to 17,000 yuan ($1,037.25 to $2,519.04), the official business newspaper added.

"BMW regularly reviews and evaluates its product pricing to flexibly respond to changes in raw materials and vehicle manufacturing costs," the company said a statement.

The automaker, which sells mostly conventional combustion engine models in China, said the latest information was listed on its website and app and customers could check with dealers to confirm the prices. However, it declined to provide previous prices for comparison.

BMW's price increases contrast with recent reductions by electric vehicle makers from Tesla to Xpeng , which have slashed prices for best-selling models to defend market shares as demand weakens in the world's largest auto market.

In the first 29 days of January, average daily retail sales of BMW cars in China fell 18.6% compared to the same period in 2022, while overall passenger vehicle sales fell 45%, according to data from China Merchants Bank International released on Tuesday. ($1 = 6.7486 Chinese yuan renminbi)

(Reporting by Zhang Yan and Brenda Goh; Editing by Jamie Freed)

((Zoey.Zhang@thomsonreuters.com;))

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