记者丨赖镇桃 编辑丨和佳 德系车"三巨头"交出了惨淡的半年报后，苦日子似乎还远未到头。 财报显示，今年上半年奔驰净利润同比 暴跌一半以上 ，公司CEO直言"现在比以往任何时候都 更艰巨"。大众上半年税后利润同比 大减 38.3% ，半年内更三度下调全年业绩预期。宝马算 是德系"三巨头"里受"轻伤"的，但上半年税后净利也同比 下滑 29% 。 至于为何落入如此艰难处境，关税问题俨然成为各大车企的众矢之的。据新华社援引媒体报 道，受美国关税政策等因素影响，德国三大汽车制造商今年的现金流或将 合计减少约100亿欧 元。 尽管美欧在7月底达成贸易协议，宣布欧盟输美汽车关税下调至15%，但当地时间8月7日，德 国汽车工业协会（VDA）发布声明称，当前美国对欧洲汽车仍在以27.5%征税。 院客座研究员史世伟向21世纪经济报道记者说道。 同时，不少德系车企的海外布局，也为抵挡关税风暴提供了一点缓冲。盖世汽车研究院分析师 陈玮玮向21世纪经济报道记者表示，大型SUV的主要消费市场在美国，而不是欧洲，所以不少 德系车企已经将这个车型的生产放到了美国。便宜的车型也基本在北美生产，大众在美国的销 量约有90%是北美本土生产的。所以 ...

过去5年，BBA是造车新势力产品发布会上的"老演员"，尤其是奔驰，在底盘性能、座舱舒适性的比较上，从未缺 席。 比如在小鹏P7+上市前，小鹏汽车就在试驾环节将小鹏P7+的车内空间、避震性能和奔驰进行比较。造车新势力的豪华 品牌——华为和江淮合作的尊界，在测试场地和一辆奔驰迈巴赫S480进行对比测试。 在小米SU7 Ultra上市前，雷军在他的个人微博上提到："（小米SU7 Ultra的目标是）性能比肩保时捷、科技紧追特斯 拉、豪华媲美BBA。" 一方面，以奔驰为代表的BBA总是被拿来对比，是造车新势力发布会PPT上的常客；另一方面，在各种测试对比中， 奔驰似乎总是败下阵来。于是，奔驰就一直在"被拿来对比，被超越，再被拿来对比中"被用户认为"名不符实"。 但事实真的如此吗？ 8月6日，梅赛德斯-奔驰在北京亦庄的研发中心举行"奔驰标准"科技日，展示了奔驰在座椅和底盘操控的独特创新。今 年还是奔驰在中国进行本地化研发和生产的20周年，奔驰的生产基地和研发中心毗邻而建，在亚洲唯一的一座鲁班实 验室于2018年正式在此落成，这座实验室也在科技日上首次面向媒体展示。 在奔驰看来，打造一套能够交付给用户，满足安全标准的座椅 ...

Core Insights - The German luxury car brands "BBA" (Mercedes-Benz, BMW, Audi) reported significant profit declines in the first half of 2025, with Mercedes-Benz's net profit dropping by 55.8%, Audi's by 37.5%, and BMW's by 29% [2][3][4] - The brands are facing dual challenges from U.S. tariffs and declining sales in the Chinese market, exacerbated by fierce competition from local luxury brands and an overall price war in China [2][3][4] Financial Performance - Mercedes-Benz's revenue fell to €66.377 billion, down 8.6%, with net profit dropping from €6.087 billion to €2.688 billion [3] - BMW's sales revenue decreased to €67 billion, also down 8%, with a net profit of €4 billion, a 29% decline [3] - Audi's revenue increased by 5.3% to €32.57 billion, but net profit fell to €1.346 billion, a 37.5% drop [3] Impact of U.S. Tariffs - The U.S. government's 25% punitive tariffs on EU-imported cars have significantly impacted BBA's profits, with Audi reporting losses exceeding €600 million due to tariffs and transformation costs [3][4] - Mercedes-Benz estimated a loss of €362 million due to the tariffs, which affected its core automotive business profit margin [3][4] Sales Decline in China - BBA's sales in China have been declining, with Mercedes-Benz's sales down 14% to 293,200 units, Audi's down 10.2% to 287,600 units, and BMW's down 15.5% to 318,000 units [4][5] - The shift towards electric and smart vehicles in China has intensified competition, with local brands gaining market share [4][5] Electric Vehicle Sales - Mercedes-Benz's electric vehicle sales fell by 14% to 87,300 units, while Audi's in China dropped by 23.5% to 7,897 units [5] - BMW's electric vehicle sales increased by 18.5% to 318,900 units globally, but it still lacks competitive products in the Chinese market [5] Adjusted Performance Expectations - Both Mercedes-Benz and Audi have lowered their full-year performance expectations due to ongoing challenges, with Audi revising its revenue forecast down to €65-70 billion [5][6] - Mercedes-Benz anticipates a return on sales of 4%-6%, down from an initial forecast of 6%-8% [5][6] Strategic Responses - BBA is increasing local production in the U.S. to mitigate tariff impacts, with Audi planning a $4.6 billion investment in a new factory [6] - In China, BBA is focusing on deep localization of technology, products, and supply chains to strengthen its market position [6][7] Product Development and Partnerships - BBA is accelerating the launch of new products, especially electric vehicles, with BMW planning to introduce over 10 new models in China by 2025 [7] - Collaborations with local suppliers for smart technology are being prioritized, with BMW partnering with Huawei and Audi also collaborating with the tech giant [7][8] Market Outlook - The luxury car market is facing a new competitive landscape, with BBA needing to adapt to the challenges posed by local brands and changing consumer preferences [9] - The era of high double-digit growth for all brands is perceived to be over, necessitating strategic adjustments for sustained development [9]

Core Viewpoint - The BBA (Benz, BMW, Audi) luxury car manufacturers are facing significant challenges in the electric vehicle era, with their sales and profits plummeting, indicating a shift in consumer preferences towards domestic electric vehicles [4][5][6]. Group 1: BBA Financial Performance - BMW's net profit fell by nearly 30%, while Audi's profit dropped by 37.5%, and Mercedes-Benz's Q2 net profit plummeted by 69% [4][5][11]. - Mercedes-Benz's Q2 net profit decreased from €3 billion to €957 million, a drop of 68.7%, and its sales in China fell by 19% [11][12]. - Audi's operating profit fell by 45.2% to €1.087 billion, and its net profit dropped by 37.5% to €1.346 billion, with a 6% decline in vehicle deliveries [17][18]. Group 2: Market Dynamics - In the first half of the year, domestic car sales in China reached 9.27 million units, a 25% increase, contrasting sharply with the decline in BBA sales [8][34]. - Mercedes-Benz's electric vehicle sales in China fell by 66%, with its market share in the pure electric vehicle segment dropping to 0.16% [13][12]. - Audi's electric vehicle sales also declined by 23.5%, indicating a broader trend of decreasing demand for traditional luxury vehicles [18]. Group 3: Strategic Shifts - BBA manufacturers are struggling to adapt to the electric vehicle market, with Audi retracting its plans for full electrification due to poor sales performance [18][28]. - The luxury car market is witnessing a significant transformation, with domestic brands rapidly gaining market share and consumer trust, while BBA brands are losing their premium status [32][36]. - The shift in consumer preferences towards more affordable and technologically advanced domestic electric vehicles is evident, as BBA brands are unable to compete effectively [37].

Core Viewpoint - Mercedes-Benz Group reported a significant decline in revenue and net profit for Q2 2025, indicating challenges in the automotive market, particularly in the transition to electric vehicles [1][5]. Financial Performance - Q2 2025 revenue was €33.153 billion, down 9.8% from €36.743 billion in the same period last year [1][5]. - Net profit for Q2 2025 was €0.957 billion, a drastic decrease of 68.7% compared to €3.062 billion in Q2 2024 [1][5]. - For the first half of 2025, total revenue was €66.377 billion, down 8.6%, and net profit fell by 55.8% to €2.688 billion [5]. Sales Performance - Total vehicle sales in Q2 2025 were 547,100 units, a 9% decrease year-over-year [6]. - In China, sales dropped 19% to 140,400 units in Q2 2025 [6][11]. - The sales of battery electric vehicles (BEVs) were particularly weak, with a decline of 18% to 41,900 units in Q2 2025 [6][8]. Market Challenges - The decline in sales is attributed to a shrinking market for fuel vehicles, weak pricing, negative currency impacts, and reduced contributions from joint ventures [5]. - The company is facing increased competition from domestic electric vehicle brands in China, which are gaining market share [11][12]. Dealer Network Adjustments - Mercedes-Benz has been closing several authorized dealerships in response to declining sales, with reports of over 100 dealers potentially being cut [9][10]. - The company aims to optimize its dealer network in China to improve profitability amid challenging market conditions [10][11].

Core Viewpoint - Mercedes-Benz is accelerating the localization of its products in China by collaborating with local automaker Geely to develop a new plug-in hybrid vehicle, aiming to enhance its competitiveness in the increasingly heated market for large battery plug-in hybrids [1][3]. Group 1: Collaboration and Strategy - Mercedes-Benz plans to develop a long-range plug-in hybrid vehicle in partnership with Geely, with discussions ongoing regarding the development details [1]. - The collaboration with Geely is seen as a pragmatic choice for Mercedes-Benz to reduce costs and improve efficiency, given the latter's expertise in hybrid technology [2][7]. - Mercedes-Benz has previously engaged in various collaborations with Geely, including the procurement of cockpit solutions from Geely's subsidiaries [1][9]. Group 2: Market Position and Competition - The plug-in hybrid market in China is dominated by local competitors such as BYD and Li Auto, which have developed advanced hybrid technologies that surpass Mercedes-Benz's current offerings [2][3]. - Mercedes-Benz's current plug-in hybrid technology, the P2 parallel hybrid system, is considered outdated compared to the single-gear DHT technologies used by local competitors [3][6]. - In the first half of 2025, Mercedes-Benz's sales of pure electric vehicles declined by 24%, while sales of plug-in hybrid vehicles increased by 34%, indicating a shift in product focus [5]. Group 3: Financial Performance - In the first half of 2025, Mercedes-Benz reported global sales of 1.0763 million vehicles and a net profit of €2.7 billion, with a significant decline in sales in the Chinese market, down over 18% [4]. - Geely's total sales exceeded 1.93 million vehicles in the first half of 2025, with a 30% year-on-year increase, and its new energy vehicle sales surpassed 1 million units, growing by 73% [9]. Group 4: Technological Development - Developing a competitive single-gear DHT technology independently would take Mercedes-Benz approximately 3-4 years, making collaboration with established local players a more immediate solution [6]. - Geely's recent advancements in plug-in hybrid technology, such as the Zeekr 9X, which features an 800V high-voltage system and a pure electric range of 380 km, further solidify its position as a valuable partner for Mercedes-Benz [8].

Core Insights - Mercedes-Benz Group reported a revenue of €72.6 billion for the first half of 2025, representing a year-on-year decrease of 8.6% [1] - The company's net profit after tax was €2.7 billion, showing a significant decline of 55.8% compared to the previous year [1] - The company announced large-scale layoffs and cost-cutting measures earlier this year [1]

Core Viewpoint - Mercedes-Benz's stock has significantly declined, with a drop of 3.19% leading to a market capitalization below €50 billion, reflecting worsening financial performance and market challenges [1][3]. Financial Performance - In Q2, Mercedes-Benz reported a net profit decrease of 69% to €957 million compared to the previous year [3]. - The company's revenue for Q2 was €33.15 billion, down 9.8% year-on-year, while EBIT fell by 68.56% to €1.27 billion from €4.04 billion in the same period last year [4]. Market Challenges - The decline in performance is attributed to tariffs, decreased sales, weak pricing, and reduced contributions from joint ventures [4]. - Mercedes-Benz warned that due to tariffs impacting car and truck sales, the group's annual revenue is expected to be significantly lower than last year [5]. Tariff Impact - A recent agreement between the U.S. and EU will impose a 15% tariff on cars imported from Europe, a reduction from the previous 27.5%, but still higher than the 2.5% tariff during Biden's term [5]. Operational Adjustments in China - Mercedes-Benz is closing several dealerships in China, with reports indicating over 100 dealer reductions planned [6][7]. - In Q2, the company's sales in China fell by 19% to 140,400 units, contributing to a total sales decline of 9% globally to 453,700 units [7][8]. - The shift in consumer preference towards more affordable domestic electric vehicles is impacting Mercedes-Benz's sales in China [8].

Core Viewpoint - Mercedes-Benz is integrating Microsoft Teams into its vehicles, enhancing connectivity and collaboration for users [1] Group 1 - The integration aims to provide a seamless communication experience for drivers and passengers [1] - This move reflects the growing trend of incorporating advanced technology into the automotive industry [1] - The partnership with Microsoft signifies a strategic shift towards digitalization in vehicle functionalities [1]

Group 1 - European automotive stocks experienced an increase, with Mercedes-Benz Group rising nearly 6% [1] - Porsche saw a nearly 5% increase in its stock value [1] - Renault's stock rose by nearly 3% [1]