BMW will pay $ 18 million in the US for overstating sales figures

BMW will pay $ 18 million in the US for overstating sales figures

September 25, 2020 0 By autotimesnews

BMW and two US subsidiaries agreed on Thursday to pay a $ 18 million fine. This decision was made after accusations that the brand disclosed false information about the volume of retail sales of its cars in the United States, while receiving about $ 18 billion from investors as part of a corporate bond offer.

The US Securities and Exchange Commission said BMW overestimated its US retail sales reports from 2015 to 2019, helping the automaker close the gap between actual retail sales and domestic targets and “publicly maintain its leading retail position over with other premium car companies. “

“There is no claim or conclusion in the report that any part of BMW was involved in willful misconduct,” BMW said in a statement.

The Securities and Exchange Commission said BMW “was paying dealers to miscount the number of vehicles sold.

“BMW misled investors about its US retail sales and consumer demand for BMW vehicles in the US market, which allowed it to raise additional funds,” said Stephanie Avakian, director of enforcement at the SEC.

Recall that the FCA concern was subjected to similar charges. For example, in September 2019, Fiat Chrysler Automobiles and its US subsidiary agreed to pay $ 40 million in compensation for misleading investors about their monthly sales figures.