WSJ:
https://www.wsj.com/articles/bmw-set...on-11600988637
("BMW Settles SEC Charges Over Sales Disclosures for $18 Million - Regulator says auto maker had provided inaccurate information regarding its U.S. retail sales")
"The regulator found that the Munich-based auto maker had provided inaccurate information regarding its U.S. retail sales while raising roughly $18 billion from bond investors. Between 2015 and 2019, BMW had boosted sales figures by having dealers register cars as sold when the vehicles were still on the lots, the SEC said. The practice is known in the U.S. as sales punching.
“Through its repeated disclosure failures, BMW misled investors about its U.S. retail sales performance and customer demand for BMW vehicles in the U.S. market while raising capital in the U.S.,” said SEC Enforcement Division Director Stephanie Avakian."