BEIJING, July 29 (Reuters) - German carmaker BMW said it will raise the prices of two U.S.-made crossover sport-utility vehicles in China to take into account the additional cost of tariffs on U.S. car imports into the world’s biggest auto market.
In a move due to take effect on Monday, BMW said in a statement to Reuters on the weekend that maker-suggested retail prices of the popular, relatively high-margin X5 and X6 SUV models will increase by 4 percent to 7 percent.
The rates of increase suggest that BMW is willing to absorb some of the higher costs stemming from bringing the SUVs to China from the factory in the U.S. state of South Carolina. It also highlights fierce competition among luxury car brands in China.
Reporting By Norihiko Shirouzu; editing by Richard Pullin