BMW Group Malaysia: Price Hike Possible If Ringgit Continues To Weaken

Prices of BMW vehicles in Malaysia could be increased next year if the ringgit continues to weaken against the euro according to BMW Group Malaysia CEO, Alan Harris.

"If the situation continues (weakening of the ringgit), I do not rule out the possibility of price increases by early next year," Harris told reporters during the launch of the locally-assembled BMW X6 xDrive35i M Sport at new BMW Group Malaysia headquarters in Cyberjaya.

He added that the company would be burdened financially due to the devaluation of the local currency. With the ringgit reaching RM4.90 per euro, it has become a concern to the Group.

"Last year, when ringgit was at RM3.80-RM3.90 to the euro, we did not discuss about currency, but now we talk about RM4.90 per euro and this is a significant devaluation and creates pressure," he said.

Since August 2015, BMW Group Malaysia have successfully delivered a total of 5,610 vehicles in the country, consisting of 4,475 BMW models, 481 MINI models, and the remaining 654 being BMW Motorrad vehicles.