Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Chinese Startup X Square Robot Hits 20 Billion Yuan Valuation
UBTech Launches Lifelike Humanoid Robots in Push for Consumer Market
China Mobile Sets Up Token Office to Scale AI Services
LATEST
Chinese Startup X Square Robot Hits 20 Billion Yuan Valuation
Wanda Ordered to Pay Suning 1.75 Billion Yuan Over Failed IPO
Volkswagen Urged to Build China-Developed Cars in Germany to Protect Jobs
China Mobile Sets Up Token Office to Scale AI Services
UBTech Launches Lifelike Humanoid Robots in Push for Consumer Market
Geely-Backed Polestar Forced Out of U.S. by Chinese Auto Tech Ban
DeepSeek Plans Major Hiring Spree After $7.4 Billion Funding Round
Anyverse Dynamics Raises Over $200 Million as China’s Robotics Funding Boom Accelerates
Europe Has a Lot to Learn From China About Electric Trucks, Volvo CTO Says
Embodied AI Startup Kunlunxing Lands Multibillion Yuan Raise
ByteDance Targets July Launch of Upgraded AI Video Model
China’s Starlink Challenger Seeks Up to $2.2 Billion for Satellite Network Push
New Model Propels Zhipu AI’s Market Value to Record HK$1 Trillion
In AI Pitch, Alibaba Chairman Urges Europe to Look Beyond U.S. Tech
Cover Story: China’s AI Boom Is Rewiring Its Power Grid
In Depth: How AI Is Rewiring White-Collar Work in China
Chipmaker YMTC Cedes Control of Foundry Unit Ahead of Mega IPO
Chinese Startup Manifold AI Raises Fresh Funding as Investors Bet on ‘World Models’
Crealights Takes Step Closer to Hong Kong IPO as Data Center Boom Fuels Growth Prospects
Tencent Lets AI Agent Make Purchases Through WeChat Pay
BMW's Production Shift to China Pays Off With Jump in X3 Sales

By Bloomberg / Jun 14, 2019 02:48 AM / Business & Tech

Photo: Bloomberg

Photo: Bloomberg

BMW AG reported a 33% sales jump in China during May after a shift to local production of its X3 sport utility vehicle boosted deliveries, defying a year-long pullback in the world’s largest automotive market.

Making the X3 locally helps avoid a 15% Chinese tariff on cars that were previously shipped from BMW’s Spartanburg plant in North Carolina. The move also reduces the risk to the German automaker should trade tensions lead to additional levies. Last year, China temporarily raised tariffs on U.S.-made cars to 40%. BMW said those measures cost it 300 million euros ($338 million) in profit.

Higher sales in China lifted overall BMW deliveries by 4.6%, outpacing premium rivals Mercedes-Benz and Audi, which have struggled with model changeovers and a steep decline in the Chinese market after almost three decades of growth. Sales of Audi, owned by Volkswagen AG, fell 7.4% in China and 5.4% overall. For Daimler AG-owned Mercedes, May sales fell 0.9% in the country and 1.3% overall.

BMW is in a battle with Mercedes-Benz for leadership in the luxury segment, with a goal of regaining the top spot globally by next year. For the first five months of 2019, Mercedes has sold 66,000 more cars. Still, BMW has closed the gap, with sales rising 1.6% for the first five months, compared with declines of 4.7% for Mercedes and 5.8% for Audi.

Related: Auto Industry Sees Tough Road Ahead as Hopes for Market Rescue Fade


Share this article
Open WeChat and scan the QR code