The Business Times
The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Companies & Markets

BMW agrees to pay US$820m subsidies to China dealers

Published Mon, Jan 5, 2015 · 07:50 AM
Share this article.

[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.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Transport & Logistics

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here