Core Insights - BMW Group reported a slight decline in global vehicle deliveries in Q1 2025, but significant progress in electrification was noted [1][3] - The Chinese market experienced the largest decline in sales for BMW, raising concerns in the market [1][3] Financial Performance - In Q1 2025, BMW Group delivered 586,117 vehicles globally, a year-on-year decrease of 1.4%, with electric vehicles accounting for 26.9% of total sales [3] - Sales of pure electric vehicles surged by 32.4% year-on-year, reaching 109,513 units, indicating strong market acceptance of electric models [3] - Total revenue for Q1 2025 was €33.758 billion, down 7.8% compared to the same period in 2024, with automotive business revenue at €29.211 billion, a decline of 5.6% [3] - Pre-tax profit (EBT) fell by 25.2% to €3.113 billion, with a pre-tax profit margin of 9.2%, down from 11.4% in 2024 [3] - EBIT (earnings before interest and taxes) for the automotive segment was €2.024 billion, a decrease of 25.3%, but above market expectations of €1.85 billion [4] - The EBIT margin was 6.9%, within the annual target range of 5% to 7% [4] - Free cash flow for the automotive segment was €413 million, significantly down from €1.283 billion in 2024 [4] Market Challenges - BMW's sales in China dropped by 17.2% year-on-year, significantly higher than the global average decline, reflecting intense competition and changing consumer demand [3] - The company maintains its financial outlook for 2025, anticipating a decrease in certain import tariffs starting in July, but warns of potential risks from tariff increases and supply chain bottlenecks [4][5] - Overall, while BMW has made positive strides in electrification, the decline in sales and financial metrics highlights the challenges it faces [5]
宝马集团2025年第一季度财报：电动化转型加速，中国市场销量下滑
Xin Lang Cai Jing·2025-05-11 08:03