Core Insights - The traditional luxury car brands are losing their appeal in the wave of new energy vehicles, as evidenced by the sales data from BBA (Benz, BMW, Audi) [1][5] - BBA's global sales performance is closely tied to their weak performance in the Chinese market, which is their largest single market [2][6] Group 1: Sales Performance - BMW leads with global sales of 2.4637 million units in 2025, a slight increase of 0.5% year-on-year; Mercedes-Benz sold 2.16 million units, down 10%; Audi's sales were 1.6236 million units, down 2.9% [1] - In China, BMW's sales fell to 625,500 units in 2025, a decrease of 12.5%; Mercedes-Benz's sales dropped to 575,000 units, down 19%; Audi's sales were 617,500 units, down 5% [2] - BMW's sales in China have seen a continuous decline from 825,000 units in 2023 to 714,500 units in 2024, and further down to 625,500 units in 2025, losing about 200,000 units in two years [4] Group 2: Market Dynamics - The core models of BBA, such as BMW 3 Series, Mercedes-Benz C-Class, and Audi A4L, are facing significant threats as the market for fuel vehicles in the 300,000 to 400,000 yuan price range is declining [7] - In 2025, the market share of Chinese brands in passenger vehicles reached 69.5%, while the share of German brands shrank to 12.1% [8] Group 3: Strategic Responses - BBA is facing a dual challenge of a shrinking fuel vehicle market and a lack of presence in the electric vehicle segment [8] - BMW plans to implement aggressive price cuts across 31 models starting January 1, 2026, with reductions exceeding 10% for 24 models and over 20% for 5 models [11] - Mercedes-Benz aims to focus on product upgrades and smart technology, planning to launch over 15 new and updated products in 2026 [13] Group 4: Future Outlook - BBA's strategic shift towards localized development and operations is becoming increasingly important in the rapidly evolving Chinese market [14] - The success of BBA's transformation efforts in 2026 will depend on their ability to enhance product capabilities and restructure their organizational frameworks [14]

Core Insights - BMW's performance in China for 2025 reflects a defensive strategy amid increasing competition from domestic high-end brands and changing consumer demands for smart electric vehicles [1][2][3] Group 1: Market Performance - BMW delivered over 625,000 BMW and MINI vehicles in China over the past year, maintaining its position as the largest single market globally [1] - The BMW 3 Series has been the best-selling model in its segment for 15 consecutive months, with high-end variants accounting for over half of its sales, indicating strong brand premium [2] - The BMW M brand saw a year-on-year sales increase of 27.9%, surpassing 10,000 units for the first time, while MINI's sales grew over 25% through the launch of over 10 special edition models [2] Group 2: Challenges and Strategic Adjustments - Despite solid performance, BMW anticipates a decline in deliveries in 2025 compared to 2024, reflecting structural challenges in the luxury car market where electric vehicle penetration exceeds 40% [2] - In response to market pressures, BMW adjusted prices for 31 models in early 2026, with some reductions exceeding 10% to 20%, aiming to balance market share and brand value [2][3] Group 3: Future Product Strategy - BMW plans to launch approximately 20 new products in China in 2026, with the long-wheelbase BMW iX3 being a key highlight, representing a significant step in their product strategy [3][4] - The iX3 will feature groundbreaking technologies, including the BMW iDrive system and advanced AI capabilities, aiming to redefine luxury driving experiences in the Chinese market [4] Group 4: Localization and Innovation - BMW is accelerating its localization strategy, with 70% of the new operating system's code for the iX3 developed in China, reflecting a shift from merely being a sales market to a key R&D hub [5] - The establishment of the largest R&D network outside Germany, with over 3,000 local engineers, underscores BMW's commitment to innovation in the Chinese market [5][6] - Collaborations with local tech companies like Momenta, Huawei, and Alibaba aim to enhance smart driving systems and in-car experiences, while battery supply partnerships with CATL and EVE Energy highlight the focus on local sourcing [5][6]

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 俞立严）1月19日，宝马集团介绍，宝马日前携手合作伙伴，获得业界权威奖项——"JEC复合材料创新奖"（汽车与道路运输-零 部件类别）。该奖项于巴黎JEC世界复合材料展上颁发，旨在表彰宝马在量产车外观部件中，成功应用可持续材料的开创性成就，为汽车产业融合创新与环 保树立全新标杆。 2025年6月，宝马集团在行业中率先宣布，将在量产车型引入源自天然亚麻纤维的复合材料。此次获奖，标志着该创新材料已成功实现从研发到规模化应用 的跨越。宝马集团将天然纤维复合材料应用于量产车的可视部件，不仅是技术上的突破，也让可持续理念通过产品让用户"看得见，摸得着"。 这一纤维复合材料技术的创新应用，源于宝马与Bcomp有限公司、Cobra先进复合材料有限公司及PPG Wörwag涂料公司持续多年的协同研发。联合团队成功 攻克了一项核心工程技术挑战：确保天然纤维复合材料在满足系列化生产要求的同时，也能承载包括车顶板在内整车结构所需的高强度与高品质标准，实现 了从实验到量产的完美跨越。 宝马集团介绍，天然纤维的采纳为未来车型带来了切实的环保效益与性能提升。它不仅有效降低了产品的全生 ...

Core Insights - The traditional luxury car brands are losing their appeal in the face of the new energy wave, as evidenced by the sales data from BBA (Benz, BMW, Audi) [1] - BBA's global sales performance is closely tied to their weak performance in the Chinese market, which remains their largest single market but has seen a significant reduction in contribution [1][4] Group 1: Sales Performance - BMW leads with global sales of 2.4637 million units in 2025, a slight increase of 0.5% year-on-year; Mercedes-Benz sold 2.16 million units, down 10%; Audi sold 1.6236 million units, down 2.9% [1] - In China, BMW's sales fell to 625,500 units in 2025, a decrease of 12.5%; Mercedes-Benz's sales dropped to 575,000 units, down 19%; Audi's sales decreased to 617,500 units, down 5% [1] - BMW's sales in China have seen a continuous decline from 825,000 units in 2023 to 714,500 units in 2024, and further down to 625,500 units in 2025, losing approximately 200,000 units in two years [3] - Mercedes-Benz's sales have sharply declined from a peak of 774,000 units in 2020 to 575,000 units in 2025 [3] Group 2: Market Dynamics - The core models of BBA, such as BMW 3 Series, Mercedes-Benz C-Class, and Audi A4L, are facing significant threats as the market for fuel vehicles in the 300,000 to 400,000 yuan price range is declining [6] - In 2025, the market share of Chinese passenger cars reached 69.5%, while the share of German brands shrank to 12.1% [6] - BBA is caught in a dual dilemma of a shrinking fuel vehicle market and a lack of presence in the electric vehicle segment [7] Group 3: Strategic Responses - BMW plans to implement aggressive price cuts starting January 1, 2026, with reductions exceeding 10% for 24 models and over 20% for 5 models, including a significant drop of 301,000 yuan for the flagship electric model i7 M70L [10] - Mercedes-Benz is focusing on product upgrades and smart technology, planning to launch over 15 new and updated products in 2026, including a new generation of S-Class and GLC electric models [12] - Audi aims to continue its localization strategy in 2026, with new models like the Q5L and A6L, and plans to leverage local technology to enhance market competitiveness [12] Group 4: Future Outlook - The year 2026 is seen as a critical period for BBA to transform and recover in the Chinese market, with a focus on localizing product development and enhancing customer experience [13] - Positive changes are occurring, such as increased involvement of local teams in the development of new technologies tailored to Chinese consumer preferences [13]

同时， 天然纤维的采用，为未来车型带来了切实的环保效益与性能提升。它不仅有效降低了产品的全 生命周期碳足迹，同时为轻量化目标贡献了创新解决方案。材料测试证实，由此制成的内外饰部件，在 品质与性能上均表现出色。 2025年6月，宝马集团宣布，将在量产车型中引入源自天然亚麻纤维的复合材料。此次获奖标志着该创 新材料已成功实现从研发到规模化应用的跨越。宝马集团将天然纤维复合材料应用于量产车的可视部 件，不仅是技术上的突破，更让可持续理念通过产品让用户"看得见，摸得着"。 以未来车型的车顶板为例，用天然亚麻纤维复合材料替代传统碳纤维，可在生产环节减少约40%的二氧 化碳当量排放，并赋予产品更优的可回收性与末端生命周期表现，且更易回收，让高性能与低碳排并行 不悖。（中国经济网记者 郭跃） 在推进可持续发展上，宝马不仅有清晰的规划，更已将可持续理念融入到细节当中。 宝马集团材料开发与轻量化设计负责人Herbert Negele博士强调："在宝马，我们始终秉持负责任的前瞻 思维与行动。这要求我们持续推动材料研发向可持续进阶，同时毫不妥协地满足功能、轻量化与设计的 美学高标准。此次荣获JEC大奖，是对我们前行方向的极大肯定， ...

Core Insights - The three major German luxury car brands, BBA (Benz, BMW, Audi), are experiencing a collective downturn in the global luxury car market, with significant declines in sales, particularly in China [1][2][3] Group 1: Sales Performance - BMW Group's global sales for 2025 are projected at 2.4637 million units, a slight increase of 0.5% year-on-year [1] - Mercedes-Benz Group's global sales are expected to be 2.16 million units, a decrease of 10% year-on-year, with a notable 19% drop in the Chinese market [3] - Audi's global sales are forecasted at 1.6236 million units, down 2.9% year-on-year, with a 5% decline in the Chinese market [7] Group 2: Market Dynamics - The combined sales decline for BBA in the Chinese market is nearly 260,000 units compared to 2024, attributed to a significant shift in the market towards electric vehicles (EVs) [2][12] - The penetration rate of new energy vehicles in China has surpassed 50%, leading to a market reshuffle where domestic brands are increasingly capturing the traditional price range of 300,000 to 500,000 yuan [2][12] Group 3: Brand-Specific Insights - Mercedes-Benz's electric vehicle sales in 2025 are projected at 197,300 units, a 4% decline year-on-year, indicating challenges in adapting to the electric and intelligent transformation of the luxury car market in China [3][4] - Audi's Q6L e-tron, a key electric model, has seen limited sales of 3,201 units, highlighting the brand's struggle in the EV segment despite being a significant player in the luxury market [9][10] - BMW plans to introduce approximately 20 new models in China by 2026, aiming to enhance its competitive edge in the rapidly evolving market [11]

Core Viewpoint - The BBA (Benz, BMW, Audi) brands are experiencing significant sales declines in China, with projections indicating a return to sales levels not seen in a decade, highlighting the increasing pressure from domestic competitors and changing market dynamics [1][2][4]. Sales Performance - In 2025, Benz's global sales are projected to be 2.16 million units, a 10% decrease year-on-year, with sales in China at 551,900 units, down 19% [1]. - BMW's global sales are expected to reach 2.46 million units, a slight increase of 0.5%, while its Chinese sales are forecasted at 625,500 units, a decline of 12.5% [1]. - Audi's global sales are projected at 1.62 million units, down 2.9%, with Chinese sales at 617,500 units, a decrease of 5% [1]. - BBA brands have seen consecutive sales declines in China for two years, dropping to levels last seen in 2017 [1]. Market Dynamics - By 2026, both Benz and BMW are expected to forecast annual sales of less than 500,000 units in China, reverting to sales levels from a decade ago [2]. - Domestic high-end brands are setting ambitious sales targets, with NIO aiming for 456,400 to 489,000 units, Xiaomi targeting 550,000 units, and Hongmeng Zhixing projecting 1 to 1.3 million units by 2026 [3]. Financial Performance - BBA brands reported significant profit declines in recent financial statements, with Benz's net profit down 50%, Audi's down 25%, and BMW's down 6.8% [4]. Pricing Strategies - BMW initiated a price reduction across 31 models, with discounts reaching up to 301,000 yuan, indicating market pressure [6]. - The luxury car pricing structure is under significant strain, with reports of discounts reaching as low as 60-70% on various models [6]. Competitive Landscape - The BBA brands face intense competition from domestic brands that are rapidly gaining market share, particularly in the high-end segment [8]. - The shift towards electric and smart vehicles has left BBA brands lagging, as their products are often based on older platforms, leading to a competitive disadvantage [7][8]. Strategic Responses - BBA brands are beginning to adapt to the Chinese market by enhancing their product offerings and integrating local technology solutions [9][10]. - Benz plans to launch over 15 new models by 2026, while BMW aims to introduce around 20 new products, focusing on electric and smart vehicle technologies [10][11].

Core Insights - The three major German luxury car brands, BBA (Benz, BMW, Audi), are experiencing a collective downturn in the global luxury car market, with significant declines in sales, particularly in China [1][2][3]. Group 1: Sales Performance - BMW Group's global sales for 2025 are projected at 2.4637 million units, a slight increase of 0.5% year-on-year [1]. - Mercedes-Benz Group's global sales are expected to be 2.16 million units, reflecting a 10% decline year-on-year [3]. - Audi's global sales are forecasted at 1.6236 million units, down 2.9% compared to the previous year [7]. Group 2: Market Trends in China - In the Chinese market, BMW's sales are expected to drop by 12.5% to 625,500 units, while Mercedes-Benz's sales are projected to decline by 19.5% to 575,000 units, and Audi's sales are anticipated to decrease by 5% to 617,500 units [1][3][12]. - The combined sales decline for BBA in China is nearly 260,000 units compared to 2024, indicating a significant shift in market dynamics [2][12]. Group 3: Electric Vehicle Transition - The penetration rate of new energy vehicles in China has surpassed 50%, leading to a dramatic change in market structure, with domestic brands increasingly capturing the traditional price range of 300,000 to 500,000 CNY that BBA has dominated [2][12]. - Mercedes-Benz's electric vehicle sales for 2025 are projected at 197,300 units, down 4% year-on-year, highlighting challenges in adapting to the electric vehicle market [3]. - BMW's electric vehicle deliveries reached 642,100 units in 2025, a growth of 8.3%, making it the only brand among BBA to show positive sales growth [10]. Group 4: Product Strategy and Challenges - Mercedes-Benz's EQE SUV, launched in 2022, saw a significant decline in sales, with only 4,432 units sold in 2025, down over 39% from the previous year, indicating issues with product acceptance [4]. - Audi's Q6L e-tron, a key model in its electric lineup, had a modest sales figure of 3,201 units, reflecting the brand's struggle to establish a strong presence in the electric vehicle market [9]. - BMW plans to introduce approximately 20 new models in China by 2026, including a new generation BMW iX3, to enhance its competitive edge in the rapidly evolving market [11].

电动化成救命稻草，欧洲老家是主战场 智通财经记者 吴遇利 2025年对BBA而言又是充满挑战的一年。 近日，传统豪华车三强BBA（奔驰、宝马、奥迪）先后发布了2025年全球销量数据。数据显示，奔驰 和奥迪去年全球销量均有明显下滑，仅宝马微增0.5%。 具体来看，宝马以246.37万辆的全球交付量稳居三强首位，同比微增0.5%，成为唯一保持增长的品牌； 奥迪全球交付162.36万辆，同比下降2.9%；奔驰表现最弱，集团全年交付216万辆，同比下滑10%，其 核心乘用车板块交付180万辆，同比下滑9%，已连续六年销量走低。 就中国市场的表现来看，BBA悉数下跌。其中，宝马销量最高；奔驰跌幅最大，下跌近两成。整体计 算，三家车企2025年在华销量比2024年减少了约26万辆。 | 车企 | 2025 年全球销量 | 全球同比 | 2025 年在华销量 在华同比 | | | --- | --- | --- | --- | --- | | 事」 | 246.37 万辆 | 0.5% | 62.55 万辆 | -12.5% | | 奔驰 | 216 万辆 | -10% | 57.5 万辆 | -19% | | 奥迪 | ...

Core Viewpoint - The traditional luxury car brands BBA (Benz, BMW, Audi) experienced significant sales declines in China in 2025, indicating a structural loss in the face of the rising dominance of domestic electric vehicle brands and changing consumer preferences [6][10][11]. Group 1: Sales Performance - In 2025, Benz, BMW, and Audi's sales in China were 57.5 million, 62.55 million, and 61.7 million units respectively, representing declines of 19%, 12.5%, and 5% year-on-year [10][11]. - The collective decline of BBA is not a short-term fluctuation but a reflection of the structural challenges posed by the rapid growth of the new energy vehicle market, which saw a penetration rate nearing 60% in 2025 [11][12]. Group 2: Market Dynamics - The market share of domestic brands rose to 65% in 2025, while retail sales of fuel vehicles plummeted by 30%, impacting BBA's traditional stronghold [11][12]. - The loyalty of BBA customers has significantly decreased, with less than 18% of previous BBA buyers indicating they would repurchase from the same brand [15][16]. Group 3: Competitive Landscape - New energy vehicle brands like AITO, Li Auto, Tesla, and Xiaomi are capturing a significant portion of the market, with a high percentage of their new customers coming from BBA [16]. - BBA's attempts to maintain market share through price reductions and new model launches may not be sufficient to reverse the trend, as consumer preferences shift towards new energy and smart vehicle technologies [13][20]. Group 4: Future Strategies - In 2026, Audi plans to launch new models on the PPE electric platform, while Benz aims to introduce 15 new vehicles, focusing on enhancing local technological capabilities [17][20]. - BMW's upcoming iX3 model, set to launch in late 2026, will feature advanced electric drive systems and local AI functionalities, which will be crucial for its competitiveness in the new energy market [19][20].