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BMW agrees to pay US$820m subsidies to China dealers
[SHANGHAI] German premium carmaker BMW has agreed to pay 5.1 billion yuan (US$820 million) worth of subsidies to its dealers in China to help cover their losses accrued last year, the country's main car dealer association said on Monday.
The agreement came after negotiations between BMW and its dealers, according to Song Tao, deputy secretary general of the China Automobile Dealers Association.
BMW said in a statement it had reached an agreement with its China-based dealers but declined to give further details or confirm the subsidy amount.