BMW, Jeep React to Inflation by Raising Prices in China

(Yicai Global), Feb. 1 — German auto giant BMW and American sports utility brand Jeep are planning to raise the prices of certain models in China this month due to rising costs.

BMW is raising prices for 17 models in China today, with a maximum price increase of 20,000 yuan (2,964 USD), the Shanghai Securities News reported today. For example, the 5 series can be 10,600 RMB higher than him, the X3 can be up to 7,100 RMB higher than him, and the X5 can be 17,000 RMB higher than him.

Sources at BMW China said the price adjustments were caused by global inflation, leading to higher raw material and logistics costs and supply shortages.

Jeep announced on its website today that it will raise the manufacturer’s suggested retail price of the Jeep Wrangler Rubicon by 10,000 yuan due to rising costs. Prices range from CNY 459,900 to CNY 634,900 (USD 68,163 to USD 94,100).

Last year, BMW’s sales in China fell by 6% year-on-year to about 791,990 units due to a slowdown in the overall market for petrol vehicles, but official data showed sales in the German company’s pure electric vehicle segment The number almost doubled to 41,890 units.

Tesla is swimming against the tide as the American electric car giant continues to cut prices in China this year. The starting price of the entry-level Model 3 dropped to a record low from 265,900 yuan to 229,900 yuan.

Editors: Emi Lane, Xiao Yi

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