China's auto market slows, and BMW cuts production and lowers prices
For the last while China has been seen as an unstoppable auto market that just grew and grew, year after year. It seems as though that that pattern is coming to an end though.
Germans brands have begun to cut prices and decrease their production rates. This includes BMW.
“We're adapting to the situation to make sure dealers are not overstocked. It's a little bit of a trend downwards. This is the new normal and we have to accept this, and we have to adapt to this,” Karsten Engel, BMW China chief said in an interview Monday at the Shanghai Auto Show.
Other companies, like Ford and Volkswagen, have cut prices by up to 10 percent according to Sanford C. Bernstein & Co.
Here is a link to the full story. http://www.autoevolution.com/news/da...ces-94669.html
I wonder how the slow down of China will affect the larger car industry.