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MarketScreener Homepage  >  Equities  >  Xetra  >  BMW AG    BMW   DE0005190003

BMW AG

(BMW)
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BMW : to pay $18 million U.S. fine to resolve inflated sales probe

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09/24/2020 | 10:06pm EDT
The logo of German car manufacturer BMW is seen at the company headquarters in Munich

BMW AG and two U.S. subsidiaries agreed Thursday to pay an $18 million (£14.1 million) U.S. fine to resolve accusations that they disclosed misleading information about the German luxury automaker's retail sales volume in the United States while raising approximately $18 billion from investors in corporate bond offerings.

The U.S. Securities and Exchange Commission said from 2015 to 2019, BMW inflated reported U.S. retail sales, which helped BMW close the gap between actual retail sales volume and internal 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 started in late 2019, BMW said.

"There is no allegation or finding in the Order that any BMW entity engaged in intentional misconduct," BMW said in a statement, adding it "attaches great importance to the correctness of its sales figures and will continue to focus on thorough and consistent sales reporting."

The SEC said 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.," said 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 misleading investors about its monthly sales figures to resolve a separate SEC probe.

By David Shepardson and Mohammad Zargham


Stocks mentioned in the article
ChangeLast1st jan.
BMW AG -1.49% 62.8 Delayed Quote.-12.76%
FIAT CHRYSLER AUTOMOBILES N.V. -0.47% 10.644 Delayed Quote.-18.86%
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Financials
Sales 2020 95 910 M 114 B 114 B
Net income 2020 2 963 M 3 509 M 3 509 M
Net cash 2020 17 486 M 20 708 M 20 708 M
P/E ratio 2020 14,1x
Yield 2020 2,18%
Capitalization 41 155 M 48 843 M 48 738 M
EV / Sales 2020 0,25x
EV / Sales 2021 0,22x
Nbr of Employees 133 778
Free-Float 57,3%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 69,96 €
Last Close Price 63,81 €
Spread / Highest target 88,1%
Spread / Average Target 9,64%
Spread / Lowest Target -45,7%
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NameTitle
Oliver Zipse Chairman-Management Board
Norbert Reithofer Chairman-Supervisory Board
Nicolas Peter Chief Financial Officer
Susanne Klatten Independent Member-Supervisory Board
Manfred Schoch Deputy Chairman-Supervisory Board
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