Tesla Inc. and BMW AG are raising vehicle prices in China, becoming the first carmakers to take major steps and counter punitive tariffs amid rising trade tensions between Beijing and the United States.
BMW said it will be unable to “completely absorb” a new Chinese 25 percent tariff on imported U.S.-made models and will have to raise prices on the vehicles it makes in Spartanburg, S.C.
BMW said it is “currently calculating related necessary pricing increases” for U.S.-made models exported to China and will announce them “at a later stage.”
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