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BMW Pays Millions Dollar Fine In USA

For years, BMW is said to have tweaked its sales figures on the US market. The local financial market authority and the car manufacturer agree on a settlement. By paying a fine of millions, the investigation is stopped - without an admission of guilt.

BMW Pays Millions Dollar Fine In USA
Yazar: Tom Roberts

Yayınlanma: 25 Eylül 2020 22:54

Güncellenme: 20 Kasım 2024 03:24

BMW Pays Millions Dollar Fine In USA

The German car manufacturer BMW is said to be dearly for misleading information on its sales figures in the USA. The company and two subsidiaries pay a fine of 18 million dollars (15.4 million euros) as part of a settlement, as the US Securities and Exchange Commission announced. According to the authority, BMW had pimped up its sales volume figures in the US auto market from 2015 to 2019 using various dubious methods. This should have achieved internal targets, and the company also wanted to compete better with other premium providers in public. By paying the fine, the investigation ends without the carmaker's admission of guilt. BMW stated that it had accepted the fine and emphasized that it had cooperated extensively in the investigation. The company was happy to have the matter out of the world, it said in a statement. A US spokesman for BMW claimed, however, that the company had not been accused of deliberate misconduct by the SEC and that most of the offenses complained of were more than three years ago.
According to their announcement, the stock exchange supervisory authority was particularly bothered by the fact that the US subsidiary BMW Capital had also provided investors and rating agencies with the dubious information on the sales figures. As a result, misleading information was spread when issuing corporate bonds with a volume of around 18 billion dollars. According to the information, the North American subsidiary of BMW had a kind of reservoir of vehicles, the sale of which was initially not reported, in order to meet monthly targets regardless of the time of sale. Accordingly, BMW also paid dealers to incorrectly declare cars as demonstration vehicles or rental vehicles so that the group can report higher sales figures. However, the SEC emphasized that BMW had cooperated well in the investigation despite difficulties due to the corona pandemic. This was taken into account in the sentence. A year ago, the agency had already fined the Italian-American automaker Fiat Chrysler $ 40 million for misleading investors with allegedly souped-up sales figures.
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