Judging from the whispers making their way around the interwebs, BMW may be interested in rekindling the X7 flame. The company was one of many corporations that took part in a global summit in Seoul to discuss how to rebalance global trade away from a U.S.-dependent market. But while many of the participants are keen to shift their attentions toward economies in China and Germany, BMW seemed to think that the U.S. would be back on its feet and buying sooner rather than later. The automaker even
BMW's chief executive officer Norbert Reithofer has revealed that the company has axed plans to build a larger sport-ute to top the range currently inhabited by the X3, X5 and X6 crossovers. Reithofer cited economic problems in the United States and Europe as the main reason for the cancellation of the program, i.e. sales of SUVs are dropping like a rock.
If you're in the market for a Bimmer, now is the time to buy. BMW is raising prices this year and next to help ease the burden of unfavorable exchange rates between European currencies and the weak U.S. dollar. CEO Norbert Reithofer told reporters that the company would also produce 20,000 to 25,000 fewer vehicles overall in 2009 and sell 40,000 fewer units in the U.S. Disastrous exchange rates aren't team Bimmer's only problem, either. The German automaker leases 60% of its vehicles in the U.S.