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BMW To Hike SUV Prices In China

German auto giant BMW reportedly plans to increase price of SUVs in China to offset the new tariffs.

BMW will hike the price of US-build vehicles sold in China to help offset the new 40 percent import tax on cars from the U.S. China had increased tariffs on imports from U.S. in response to higher tariffs imposed on Chinese goods by President Donald Trump.

BMW reported said that it is "not in a position to completely absorb the tariff increases."

BMW builds SUV models in Spartanburg, South Carolina facility, where it employs 10,000 people. SUV build there are exported to 140 countries, which makes BMW the largest US auto exporter.

Meanwhile, Bloomberg reported that BMW will make Mini cars in China as it has inked a joint-venture deal to produce electric vehicles with partner Great Wall Motor Co.

The 50-50 owned venture will make battery-powered vehicles for both partners at a new plant in Jiangsu Province, the report says.

"Today's signing represents a new level of cooperation between China and Germany," BMW Chief Executive Officer Harald Krueger said in the statement.

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