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" A BMW 316i Sport Line sedan is pictured at the 16th Chengdu Motor Show vans old skool gris et noir , Aug 30, 2013. A BMW logo is pictured at the Jacob Javits Convention Center during the New York International Auto Show in New York April 16, 2014.
Bayerische Motoren Werke AG has agreed to pay 5.1 billion yuan ($820 million) to its distributors in China to help cover their losses after retailers stopped ordering cars from the German auto manufacturer, a dealer's group said.
The subsidies are the largest by an automaker to its retailers in China and will be paid by the end of February vans old skool gris , said Song Tao, a deputy secretary-general of the China Automobile Dealers Association, which represented the BMW distributors in the negotiations. The dealers are still in talks with the Munich-based carmaker over this year's sales targets, he said.
Auto dealers have complained of meeting unrealistic sales projections in order to qualify for year-end bonuses as foreign automakers expand their manufacturing capacity and number of distributors to chase market share.
The BMW payout may increase pressure on other automakers to extend similar support to their retailers vans old skool femme pas cher , including Toyota Motor Corp, whose dealers are threatening to quit the sales network of its Chinese ventures because of mounting losses.
""This is an unusual move by an automaker to give funding of such a big scale,"" said Han Weiqi, an analyst with CSC International Holdings Ltd. ""But in the long term vans old skool pas cher , a smooth relationship with dealers is in carmakers' best interests and they have to meet dealers half way.""
BMW shares fell as much as 2.8 percent to 85.56 euros ($101. and were down 2.1 percent in Frankfurt trading, valuing the company at 55.4 billion euros.
Slowing sales growth means a ""new normal"" is emerging in the country's auto market, BMW said in an e-mailed statement. The carmaker and dealer group ""reached consensus on the structure of optimized business measures and financial allocation for the dealers"", according to the e-mail.
The German automaker delivered 415 chaussure vans soldes pas cher ,200 vehicles in China in the first 11 months of 2014, operating through a network of more than 440 BMW sales outlets and 100 Mini stores. BMW plans to help its dealers expand activities beyond selling new cars, including financial services and used car sales.
The additional activities offer ""large potential"" for BMW and its dealers, said the automaker chaussure vans pas cher , which will double the number of locally produced cars to six models in the next few years.
Automakers are increasing the number of factories even as more cities in China impose purchase restrictions on vehicles to control congestion and air pollution. Shenzhen, the large metropolis bordering Hong Kong in southern China, on Dec 29 followed other Chinese cities including Shanghai, Beijing and Guangzhou in setting quotas on new vehicles.
Unsold stock on dealer lots rose to the highest level in November since August 2013 vans classic slip on femme pas cher , according to the association's data.
BMW's payout increases pressure on other automakers facing similar demands by their dealerships for financial support. As many as 10 percent of dealers for one of Toyota Motor Corp's China ventures are poised to drop out of the network because they can not make money on the cars they are told to sell, the dealers association said.
The negotiations for financial support are part of a broader push by China's auto retailers to gain more autonomy from manufacturers, which dictate the number and type of cars they sell. China Auto Dealers Chamber of Commerce, a separate distributor group vans classic slip on femme , said last month that sales targets are crucial because dealers must meet them to qualify for year-end bonuses, which account for more than half of their annual profit from selling cars.
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ANKARA， March 11 (Xinhua) -- The Turkish Foreign Ministry on Saturday asked the Dutch ambassador to Turkey to extend his leave and not to return to his position "for some time，" local Daily Sabah reported.
The move came after Turkish Family and Social Policies Minister Betul Sayan Kaya's vehicle was stopped by Dutch police from entering the consulate in Rotterdam late Saturday.
"We do not want the Dutch ambassador， currently on leave， to return to his post for some time，" the ministry said in a statement released Saturday.
"It has been explained to our counterparts that this grave decision taken against Turkey and the Dutch Turkish community will cause serious problems diplomatically， politically， economically and in other areas，" read the statement.
The ministry also said that the Dutch government's treatment to Turkish officials was "hostile" and "a first in 405 years of relations."
Kaya was told that as a Turkish minister， she was forbidden from entering the consulate building and allowed only 30 meters away from it.
Kaya's office reportedly said she would address Turkish citizens there instead after the Netherlands denied landing permission to Foreign Minister Mevlut Cavusoglu's flight.
The street where the consulate building is located has been closed right after Kaya announced her travel.
NEW DELHI, Aug. 10 (Xinhua) -- India's main opposition Congressparty has expelled eight of its lawmakers in the western state ofGujarat for cross-voting in the recently concluded polls to theUpper House of Parliament (Rajya Sabha).
These eight lawmakers, including former Gujarat Chief MinisterShankersinh Vaghela and his son vans classic slip on noir , had voted for the country's aswell as the country's ruling Bharatiya Janata Party (BJP)'s twocandidates in the Rajya Sabha elections, defying a whip by theCongress party.
"We have expelled them for six years as they defied the partywhip and cross-voted. We will take action against them under theanti-defection law also," Gujarat Congress chief Bharatsinh Solankitold the media.
While Ahmed Patel, poli. |
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