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BMW to increase prices of 2 US-made SUV models in China

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BMW to increase prices of 2 US-made SUV models in China

German carmaker Bayerische Motoren Werke AG will raise the prices of its X5 and X6 crossover SUV models in China to cope with the additional cost of tariffs imposed on American car imports, Reuters reported July 29, citing a statement from the company.

BMW told the news wire that the price hike, which is expected to take effect on July 30, will range between 4% and 7%. The Munich-based auto giant did not mention pricing details on its X4 model, the report said.

The change comes weeks after China imposed new tariffs on about $34 billion of U.S. imports, from fresh produce to automobiles, in retaliation to U.S. tariffs on Chinese goods. China placed an additional 25% levy on vehicles made in the U.S.

BMW earlier said it will consider price hikes in China as it will be difficult to absorb the retaliatory tariffs on the U.S.-manufactured models. Meanwhile, Ford Motor Co. said it will not raise prices of imported Ford and higher-margin luxury Lincoln models in China despite the new tariffs.

In June, German automaker Daimler AG lowered its earnings guidance and said it expects lower SUV sales and increased costs at its Mercedes-Benz Cars division due to higher tariffs on vehicles imported to China from the U.S.