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BMW, Mercedes-Benz lower prices in China after VAT drop | Viral Buzz News
FILE PHOTO: BMW cars are seen at the automobile terminal in the port of Dalian, Liaoning province, China January 9, 2019. Picture taken January 9, 2019. REUTERS/StringerSHANGHAI (Reuters) - BMW AG (BMWG.DE) and Mercedes-Benz said on Saturday they will lower their prices in China, after the government announced it will reduce the country's value-added tax (VAT) starting on April 1. The German automobile companies each published posts on Chinese social media announcing immediate price cuts for several models. The discounts come as China endures a shrinking market for automobiles as the economy slows. BMW said it would reduce prices for both domestically produced and imported models, including the locally-made BMW 3 series and BMW 5 series, along with the BMW X5 and BMW 7 import models. The BMW 320Li M model will sell for a suggested retail price of 339,800 yuan ($50,620), a drop of 10,000 yuan from its original price. The reductions mark the company's "active response to the national VAT