MUNICH, GERMANY - Despite bright spots such as the X6 selling out its first year of production, like most automakers BMW has seen its sales decline recently and is looking to cut costs as raw materials become more expensive. Having already raised the MSRPs on U.S.-bound models in June, now CEO Norbert Reithofer said that as the changing American market forces further policy shifts, the company will implement additional price hikes for this year and the next, as well as cancel development of its X7 large SUV, according to wot.motortrend.com.