Saturday, December 5, 2020
No menu items!

BMW To Pay $18 Million U.S. Fine To Resolve Inflated Sales Probe – carandbike

Must Read

Dilli Chalo | Farmers set ultimatum on repeal of new agriculture laws

Government seeks extra time to reply; extra talks on December 9. After 4 hours of dialogue with Central...

A Bleak Outlook For Millions Facing Cutoff Of US Jobless Aid

INDIANAPOLIS: Tina Morton not too long ago confronted a alternative: Pay payments or purchase a birthday...

The Hindu Explains | How Australia-China ties hit a new low

Canberra has to do delicate balancing act between commerce and safety. “Repugnant,” was how Australia’s Prime Minister Scott Morrison...


The U.S. Securities and Exchange Commission stated from 2015 to 2019, BMW inflated reported U.S. retail gross sales, which helped BMW shut the hole between precise retail gross sales quantity and inner targets and “publicly maintain a leading retail sales position relative to other premium automotive companies.”


expandView Photos

BMW inflated U.S. retail gross sales, which helped it shut the hole between precise retail & inner targets

BMW AG and two U.S. subsidiaries agreed Thursday to pay an $18 million (GBP14.1 million) U.S. high quality to resolve accusations that they disclosed deceptive details about the German luxurious automaker’s retail gross sales quantity within the United States whereas elevating roughly $18 billion from traders in company bond choices.

The U.S. Securities and Exchange Commission stated from 2015 to 2019, BMW inflated reported U.S. retail gross sales, which helped BMW shut the hole between precise retail gross sales quantity and inner targets and “publicly maintain a leading retail sales position relative to other premium automotive companies.”

It added BMW of North America “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.”

The SEC probe began in late 2019, BMW stated.

“There is no allegation or finding in the Order that any BMW entity engaged in intentional misconduct,” BMW stated in an announcement, including it “attaches great importance to the correctness of its sales figures and will continue to focus on thorough and consistent sales reporting.”

The SEC stated BMW “paid dealers to inaccurately designate vehicles as demonstrators or loaners so that BMW would count them as having been sold to customers when they had not been.”

“BMW misled investors about its U.S. retail sales performance and customer demand for BMW vehicles in the U.S. market while raising capital in the U.S.,” stated Stephanie Avakian, the SEC director of the division of enforcement.

In September 2019, Fiat Chrysler Automobiles NV and its U.S. unit agreed to pay $40 million for deceptive traders about its month-to-month gross sales figures to resolve a separate SEC probe.

(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)

0 Comments

For the newest auto information and opinions, observe carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.





Source link

Latest News

Dilli Chalo | Farmers set ultimatum on repeal of new agriculture laws

Government seeks extra time to reply; extra talks on December 9. After 4 hours of dialogue with Central...

A Bleak Outlook For Millions Facing Cutoff Of US Jobless Aid

INDIANAPOLIS: Tina Morton not too long ago confronted a alternative: Pay payments or purchase a birthday reward for a kid? Derrisa...

The Hindu Explains | How Australia-China ties hit a new low

Canberra has to do delicate balancing act between commerce and safety. “Repugnant,” was how Australia’s Prime Minister Scott Morrison earlier this week described a...

Gold Demand Subdued Across Major Hubs As Premium Slips

<!-- -->Jewellers made substantial purchases final month to replenish stockGold demand moderated this week after native costs recovered from a five-month trough, whereas patrons...

More Articles Like This