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BMW to pay $18 million fine for misreporting its car sales figures

Source : 112 Ukraine

Misreported information allowed the company to maintain a leading retail sales position relative to other premium automotive companies
13:20, 27 September 2020

German automaker BMW
Open source

German automaker BMW has agreed to pay an $18 million fine for misreporting its car sales figures for five years, BBC reports.

The Securities and Exchange Commission (SEC) stated that between 2015 and 2019, BMW maintained a reserve of unreported retail vehicle sales — referred to internally as the 'bank' — that it used to meet internal monthly sales targets without regard to when the underlying sales occurred.

"That practice allowed BMW to maintain a leading retail sales position relative to other premium automotive companies," the agency said.

The investigation was disclosed late last year. BMW Group, which includes the BMW and Mini brands, agreed to the settlement and fine without any admission of wrongdoing.

As it was reported earlier, the largest Japanese automakers Honda, Mitsubishi, Toyota, and Nissan suspended work on their plants against the backdrop of the Covid-19 coronavirus infection pandemic.

Related: BMW driver hit three teenagers in Lviv Oblast

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