Luxury car maker BMW has agreed to pay dealers in China almost 700 million euros. The deal marks the end of a battle for compensation in the world’s largest car market.
BMW had been pressured to share the cost of overstocked showrooms after dealership groups in China had bought cars forecasting continued growth but it’s expected figures will show the market halved to seven percent in 2014.
The German car maker declined to give any details but an official from the China Automobile Dealers Association said it was the biggest such subsidy in the country because last year dealers had the highest level of stockpile.
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