SHANGHAI — BMW has raised the suggested retail prices of some models sold in China due to soaring global raw material and logistics costs.
The automaker immediately raised the manufacturer’s suggested retail prices for 17 models in China, including the 5-series sedan and X5 crossover, Shanghai Securities News reported.
The X3 crossover’s suggested retail price also rose 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 the pricing of its products and is flexible in responding to changes in raw materials and vehicle manufacturing costs,” said the automaker.
BMW, which mainly sells conventional internal combustion engine models in China, said the latest information is posted on its website and app, and customers can contact dealers to confirm prices. However, it refused to provide the previous price for comparison.
BMW’s price hike contrasts with recent price cuts by electric car makers from Tesla to Xpeng. The makers are cutting prices on their best-selling models to protect market share as demand weakens in the world’s largest auto market.
Data released by China Merchants Bank International on Tuesday showed that in the first 29 days of January, average daily retail sales of BMW vehicles in China fell by 19% compared to the same period in 2022. Overall passenger car sales were down 45%.