BMW sales growth slips to 11%

BMW saw its China car sales to October slow down, growing by 11% year-on-year in the first 10 months of 2004, compared to growth of 56% in the first half of the year. The world's second biggest maker of luxury cars blamed price-cutting and the prospect of cheaper imports for curbing demand. Nonetheless, Chief Executive Helmut Panke said the company's China sales were still growing faster than its global average. Last year BMW began producing its 3 and 5 series models at a plant in northern China. Several other manufacturers plan to begin producing luxury cars in China soon also. However, analysts say that with China due to cut tarrifs and quotas on imported cars next year to meet WTO pledges, many consumers are putting off purchases in anticipation of lower import prices.