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BMW to pay $820M to support China car dealers

  • BMW (BAMXY) has agreed to pay 5.1B yuan ($820M) to its distributors in China to help cover their losses after the retailers stopped ordering cars from the manufacturer, Bloomberg reports.
  • Slowing sales growth means a "new normal" is emerging in the country’s auto market, BMW said in an e-mailed statement.
  • The carmaker and dealer group "reached consensus on the structure of optimized business measures and financial allocation for the dealers."

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