Brazil: BMW’s Q1 sales hit by tax hike

Henning Dornbusch, President of BMW's Brazilian operations, has blamed a 30% year-on-year decline in the company's Q1 sales performance in the country on the tax hike for imported cars initiated in January 2012. Dornbusch was quoted by Bloomberg as saying: "Car sales fell 30% due to the [industrial product tax] IPI Subscribe to Automotive World … Continued

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• April 16, 2012