Swiss regulator fines BMW $163 mn for blocking sales to Swiss nationals
25 May 2012
BMW AG, the world's biggest luxury carmaker, was yesterday fined 56 million Swiss francs ($163 million) by the Swiss regulator for preventing Swiss residents from buying its cars abroad in euros.
The fine is the largest against a carmaker by the country's competition authorities.
The Munich-based carmaker was accused in 2010 of preventing sales of its new cars to Swiss residents outside of Switzerland.
Due to the debt crisis in Europe, the Swiss franc has since the past years risen by about 20 per cent against the euro, making goods cheaper in neighbouring countries like Germany and France.
The BMW 316d costs €30,600 ($38,370) in Germany, while the same model costs 43,610 Swiss francs ($45,530) in Switzerland, making BMW cars cheaper by 20-25 per cent in Germany.
BMW sold 3.2 million cars in Germany, while only 319,000 were sold in Switzerland last year, according to the company's website.