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BMW Reportedly Returns to Price War in CN
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Against the backdrop of increasingly fierce competition in the luxury car market in mainland China, BMW's sales volume in the mainland in August were axed, according to a report in Securities Daily. BMW sold only 34,800 vehicles in the Chinese market in August, a YoY drop of 42%, data revealed. Recently, BMW made the decision to lower the prices of related models. Industry insiders gauged that BMW's return to price war was forced by multiple factors, such as the recent plunge in sales, market pressure, the failure of previous price increases, and fierce market competition. A visit to several BMW sales outlets in Beijing suggested that BMW’s downward adjustment of its prices this time was pretty drastic, with flagship battery electric vehicle (BEV) models, such as the i7, the BMW 3 Series and 5 Series, and other popular models, all seeing price reductions of varying degrees. This series of price reductions was apparently intended to boost sales before the end of the year and make up for previous sales losses. AAStocks Financial News |
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