BMW AG and Mercedes-Benz said on Saturday they will lower their prices in China,...
FILE PHOTO: BMW cars are seen at the automobile terminal in the port of Dalian, Liaoning province, China January 9, 2019. Picture taken January 9, 2019. REUTERS/Stringer
The German automobile companies each published posts on Chinese social media announcing immediate price cuts for several models. The discounts come as China endures a shrinking market for automobiles as the economy slows. The reductions mark the company’s “active response to the national VAT adjustment notice,” BMW said in a post on WeChat, China’s popular messaging app.
On March 5, Chinese Premier Li Keqiang announced that China will cut VAT across a range of industries, with the tax set to drop in the manufacturing sector from 16 percent to 13 percent and in the transport sector from 10 percent to 9 percent.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BMW and Daimler seek 7 billion euros savings from shared platforms: reportsBMW and Daimler are in talks to cooperate in developing vehicle platforms for el...
Read more »
These car models from BMW to Mercedes to Toyota are taking forever to sell on dealers' lotsIf a vehicle sits on the lot for six months, it often means the manufacturer overestimated how popular it would be.
Read more »
China’s hasty investment law garbles the messageLawmakers have passed new rules affecting foreign firms from BASF to BMW, fast-tracking reforms to ease U.S. trade tensions. The result, though, seems awkwardly vague, drawn up with little outside input. That suggests the aim is a diplomatic win: real change will take longer.
Read more »
GE shares drop after giving 2019 earnings forecast lower than Wall Street estimatesGeneral Electric gave shareholders an updated earnings forecast on Thursday.
Read more »
Elon Musk said Tesla should not have lowered the price of AutopilotElon Musk said on Tuesday that Tesla should not have temporarily lowered the price of Autopilot, its semi-autonomous driver-assistance system.
Read more »
Morgan Stanley's Jonas: Tesla's stock to drop because price cuts reveal demand 'air pocket'Tesla's Model 3 price cut suggests the electric car maker is approaching an 'air pocket' in demand, Morgan Stanley says.
Read more »
Stock futures edge lower as investors weigh weak China data, Brexit dramaU.S. stocks on Thursday appear ready to struggle to extend gains for a fourth session in a row, as investors digest weaker-than-expected data in China, a grounding of key Boeing jet and a Brexit saga playing out in the U.K.
Read more »
Dow futures slightly lower after China's industrial output growth slumps to 17-year lowU.S. stock index futures were slightly lower Thursday morning, after market participants reacted cautiously to mixed economic data from China.
Read more »