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].

Core Viewpoint - The article discusses the significant decline in sales for traditional luxury car brands (BBA: BMW, Benz, Audi) in China in 2025, highlighting their reliance on marketing language to mask underlying issues [4][7]. Sales Performance - In 2025, the sales figures for BBA in China were as follows: BMW (including MINI) sold 625,500 units, down 12.5%; Audi (including FAW and SAIC) sold approximately 617,000 units, down 5%; and Mercedes-Benz (including commercial vehicles) sold 575,000 units, down 19% [5][7]. - All three brands saw their annual sales drop below 700,000 units, ending a five-year period of stable high sales [4]. Market Dynamics - The decline in BBA sales is attributed to a structural loss in the face of the rising tide of new energy vehicles (NEVs), with NEV penetration in China approaching 60% and domestic brands capturing 65% of the market share [8]. - The retail sales of fuel vehicles dropped by 30% year-on-year, indicating a significant shift in consumer preferences [8]. Consumer Sentiment - BBA's customer loyalty has fallen below 18%, meaning that out of 100 previous BBA customers, fewer than 18 intend to repurchase from the same brand [14]. - In contrast, new energy brands like AITO, Li Auto, Tesla, and Xiaomi have a high percentage of potential customers coming from BBA, with figures of 36.81%, 27.22%, 24.21%, and 19.15% respectively [14]. Strategic Responses - Audi plans to launch new models like the A6L e-tron and E7X in 2026 to address its technological shortcomings [15]. - Mercedes-Benz aims to introduce 15 new models in 2026, including a locally produced GLC, to enhance its market position [15]. - BMW's new generation iX3 is set to launch in late 2026, featuring advanced technology and local AI capabilities, with pricing being a critical factor for its success in the NEV market [16].

Core Viewpoint - A white BMW was stopped by traffic police in Changsha for having its license plate obscured, leading to the discovery of multiple traffic violations including overdue inspection and lack of mandatory insurance [1] Group 1: Incident Details - The vehicle was flagged during a routine patrol when officers noticed suspicious license plates [1] - The driver, identified as an actress, claimed the car was lent to a film crew and the prop license plate was not removed after filming [1] - The car was found to have an inspection due date of August 2025 and was not insured as required by law [1] Group 2: Legal Consequences - The vehicle has been legally detained due to the violations discovered during the traffic stop [1] - The incident highlights the importance of compliance with vehicle regulations, especially for those using vehicles for commercial purposes [1]

Group 1 - The core manufacturing industry in Germany is facing significant challenges, with a record number of bankruptcies expected in 2025, reaching 17,604 cases, the highest since 2005 [1][2] - Major companies, including Volkswagen, BMW, and Bosch, are experiencing factory closures and layoffs, with 471 companies with annual revenues exceeding €10 million filing for bankruptcy, a 25% increase year-on-year [1][2] - The manufacturing sector's contribution to Germany's GDP was 26.6% in 2021, but the industry is now under severe pressure from both internal and external factors, leading to a decline in production and profitability [2][3] Group 2 - Germany's reliance on imported energy, particularly natural gas, which accounts for about 25% of its primary energy consumption, is a critical vulnerability, exacerbated by geopolitical tensions [4] - The manufacturing sector's dependence on exports, which constitute over one-third of GDP, has made it susceptible to trade protectionism and market fluctuations, leading to idle capacity and shrinking profits [4][5] - The automotive industry, a cornerstone of German manufacturing, is particularly affected, with a 27.4% drop in electric vehicle sales in 2024 and a projected decline in domestic production [14][16] Group 3 - The rise of Asian manufacturing, particularly in sectors like electric vehicles and semiconductors, is encroaching on Germany's traditional manufacturing strengths, with significant market share losses reported [6][7][8] - Germany's manufacturing costs are significantly higher than those of competitors, with labor costs 22% above the average of 27 surveyed industrial countries, prompting companies to relocate production [11][12] - Foreign investments in Germany are crucial for revitalizing the manufacturing sector, with 1,724 foreign investment projects reported in 2024, particularly in electronics, energy, and logistics [25] Group 4 - The German defense industry is being viewed as a potential savior for the manufacturing sector, with increased defense spending expected to double demand in the sector [20][21] - Companies like Rheinmetall are successfully transitioning to defense, reporting significant profits compared to their automotive divisions [21] - However, this shift may lead to structural imbalances in the economy, as the defense sector's closed supply chains may not support the broader manufacturing ecosystem [24][26]

Core Viewpoint - BMW has initiated a significant price reduction across 31 models in China, with discounts exceeding 10%, and some models seeing reductions over 20%, marking a strategic shift in response to market dynamics rather than a price war [1][3][5] Group 1: Price Reduction Details - The price cuts affect a diverse range of models, including electric vehicles like the i7 and iX1, as well as popular SUVs and sedans, but notably exclude bestsellers like the 3 Series and 5 Series [5][7] - The official statement from BMW claims this adjustment is a proactive strategy to upgrade product value rather than a reaction to competitive pricing pressures [3][5] Group 2: Market Context and Reactions - The automotive market has been experiencing intense competition, leading to various promotional strategies, including significant price cuts from competitors [7][10] - Despite BMW's official stance against price wars, dealers report that actual selling prices have not significantly decreased, indicating a disconnect between official pricing and market realities [3][5] Group 3: Sales Performance and Strategic Implications - BMW's sales in China have declined sharply, with a reported 12.5% drop in vehicle deliveries, highlighting the need for strategic adjustments to regain market share [11][13] - The brand's traditional strengths in performance and heritage are diminishing in the face of rising competition from domestic brands offering better value propositions [11][13] Group 4: Future Outlook - BMW is set to launch a new electric platform in 2026, which may help revitalize its market position, but the effectiveness of this strategy remains uncertain [15] - The price cuts may prompt other luxury brands within the BBA group to reconsider their pricing strategies in response to changing market conditions [15][16]

Core Insights - BMW officially announced that its new generation of pure electric high-performance models will begin mass production in 2027, featuring a four-motor architecture and a torque concept of 18,000 Nm, marking a new era of electrification for the brand's high-performance vehicles [1][4] Group 1: Vehicle Features - The new model will not serve as an electric replacement for existing fuel-powered M cars but will be an independently developed benchmark for pure electric performance [1] - Key highlights include a groundbreaking drive and control system with a dual-drive unit layout on both front and rear axles, allowing for independent four-wheel drive [4] - The model will utilize natural fiber materials, achieving mechanical performance comparable to carbon fiber while reducing production carbon emissions by 40%, thus merging performance with environmental sustainability [4] Group 2: Technological Innovations - The vehicle will feature a proprietary control software integrated with the "Joy of Driving" dynamic brain, enabling real-time adjustment of torque and braking force at each wheel, enhancing both rear-wheel drive handling and all-wheel drive stability [4] - The model will include preset driving modes, simulated gear shifts, and a unique sound system to retain the iconic driving experience associated with M models [4] Group 3: Strategic Implications - This mass production plan signifies BMW M's comprehensive transition towards electrification, redefining the standards for pure electric high-performance vehicles through a restructured power architecture and technological framework [4] - The actual performance of the model post-2027 will be crucial in assessing BMW's capabilities in electric performance [4]

Core Insights - BMW Group is experiencing a significant decline in its market share in China, with projected sales dropping from 820,000 units in 2023 to 625,500 units in 2025, a decrease of nearly 200,000 units, marking two consecutive years of year-on-year decline [1] - The core issue lies in the mismatch between BMW's global standardized vehicle development and the rapid iteration demands of the Chinese market, highlighting the inadequacy of traditional centralized decision-making in adapting to local consumer preferences [1][2] Global R&D System vs. Local Market Needs - The fluctuation in BMW's market share in China is fundamentally due to the disconnect between its global R&D system and the fast-paced demands of the Chinese market, which features an "18-month iteration per generation" cycle [2] - The iX3 electric vehicle, based on a fuel vehicle platform, has a longer development cycle compared to local competitors, resulting in slower localization and feature updates [2] Strategic Misalignment and Dealer Challenges - The strategic misalignment has led to increased inventory pressure on BMW dealers in 2025, with terminal price reductions becoming commonplace [3] - Reports indicate that the gross profit margin for the top 100 dealers in 2024 was 6.7%, with profitability under pressure in 2025, causing some BMW dealers to fall below the industry average [3] Changing Consumer Preferences - The luxury car market in China is shifting from a focus on "brand + mechanical quality" to "intelligence + experience + ecosystem," which is driving consumers away from traditional luxury brands [4] - In 2025, the penetration rate of new energy vehicles in the Chinese luxury car market exceeded 30%, while BMW's pure electric vehicle sales remain low, primarily due to reliance on modified fuel vehicle platforms [4] Strategic Initiatives for Transformation - BMW has designated 2026 as a critical year for transformation, planning to implement localized initiatives, including upgrading its Shenyang production base and collaborating with Huawei on a vehicle ecosystem based on HarmonyOS NEXT [5] - The investment of 20 billion RMB for the upgrade of the Brilliance BMW Dalian plant is aimed at enhancing technology innovation and preparing for localized production of new generation models [5] Decision-Making and Adaptation Challenges - The core contradiction in BMW's strategy lies in balancing global standardization with local decision-making authority, as seen in the development of the new generation iX3, where core technology is still controlled by the Munich headquarters [6] - The collaboration with Huawei focuses on smart ecosystem integration but does not involve sharing core technology architecture, limiting the flexibility and adaptation speed compared to local partnerships [6] - The contraction of BMW's market share in China reflects the challenges of traditional automotive global division of labor in the era of digital transformation, necessitating a shift towards a more responsive local decision-making mechanism to reverse market trends [6]

Core Insights - The article discusses the competitive landscape of the high-end automotive market in China, highlighting the aggressive growth targets of domestic brands compared to the more conservative outlook of German luxury brands [4][6][10]. Group 1: Market Predictions - By 2026, domestic brands like NIO aim for a sales increase of 40-50%, targeting approximately 460,000 units, while Xiaomi aims for 550,000 units, a 34% increase [4]. - German brands Mercedes-Benz and BMW have projected annual sales of less than 500,000 units each, returning to levels seen a decade ago [4][8]. Group 2: Sales Performance - NIO's ES8 model saw a monthly sales peak of 22,000 units in December, while the AITO brand's models surpassed 100,000 units annually [5]. - In contrast, Mercedes-Benz's sales in China fell by 19% to 551,900 units in 2025, and BMW's sales dropped by 12.5% to 625,500 units, marking two consecutive years of over 10% decline for both brands [8]. Group 3: New Product Launches - In 2026, Mercedes-Benz plans to launch over 15 new and updated models, including the long-wheelbase pure electric GLC and GLE [9][18]. - BMW will introduce more than 20 new models, including the long-wheelbase iX3, as part of its second electric vehicle strategy [19]. Group 4: Market Dynamics - The article notes that the penetration rate of new energy vehicles in China is expected to exceed 60% in 2026, indicating a shift towards a new energy-dominated market [13]. - Traditional luxury brands are struggling with their electric transformation, with electric models contributing less than 10% to their total sales [14]. Group 5: Competitive Challenges - Domestic brands are aggressively targeting the high-end market, with AITO's luxury brand achieving significant sales in the premium segment [15]. - The competition is intensifying as domestic brands leverage product, technology, and brand strategies to challenge the established German luxury brands [20].

Core Viewpoint - The German luxury car trio, BMW, Mercedes-Benz, and Audi (collectively referred to as "BBA"), has experienced a decline in sales in the Chinese market for two consecutive years, with significant drops in 2025 compared to previous years [3][4]. Group 1: Sales Performance - In 2025, BMW's sales in China were 626,000 units, down 12.5% year-on-year; Audi's sales were 617,000 units, down 5.6%; and Mercedes-Benz's sales were 552,000 units, down 19% [3][4]. - The sales gap between BBA brands is narrowing, with Audi's sales rising to second place in China, trailing BMW by less than 10,000 units [3][4]. Group 2: Market Dynamics - The decline in BBA's sales is attributed to structural changes in the Chinese luxury car market, where brands like Li Auto, NIO, and AITO are attracting traditional BBA customers with their smart technology offerings [4][5]. - The overall market structure is shifting, with the market share of vehicles priced above 400,000 yuan dropping from 6.3% to 5.2%, and the share of vehicles priced between 300,000 and 400,000 yuan falling from 9% to 8.4% [5]. Group 3: Competitive Environment - The competitive landscape has led to significant price reductions for luxury brands, with discounts exceeding 100,000 yuan on popular models like the Mercedes-Benz E-Class, Audi A6L, and BMW 5 Series [5]. - The intense competition has also impacted the dealer network, with frequent reports of luxury brand dealers exiting the market and manufacturers adjusting sales targets and policies to alleviate pressure on dealers [5][6]. Group 4: Future Strategies - BBA plans to launch new products based on a new electric vehicle platform in China and enhance local R&D and partnerships with Chinese tech companies to address their technological shortcomings [6]. - The transition to electric and smart vehicles is critical for maintaining competitiveness, as traditional luxury brand strengths in mechanical performance and brand premium are becoming less relevant [6].