Interesting for BMW and for the Chinese Market. Luxury brands are doing well

BEIJING (Reuters) -- BMW Group will unveil redesigned and upgraded versions of its sedans and SUVs in China later this year to shore up weak sales and raise its competitiveness against German rival Mercedes-Benz.

Global carmakers have come under increasing pressure to up their game in the world's biggest auto market, where sales growth is forecast to slow to 3 percent this year.

But BMW has an additional challenge with Mercedes fielding a more up-to-date lineup of cars. On Monday, BMW's local joint venture partner, Brilliance China Automotive Holdings Ltd, said it expects to report a profit drop because of lower earnings from the tie-up.

BMW will launch an all-new version of its flagship 7-series sedan in the fourth quarter, and an upgraded version of its midsize 3 series later this year, the automaker told Reuters.

The company also plans to release "new entry models" for the X5 and X6 SUVs, BMW said, declining to provide details.