Core Viewpoint - BMW is facing significant challenges in the Chinese market, with a notable decline in sales and increased pressure from tariffs, leading to a negative outlook from S&P Global Ratings [2][19]. Financial Performance - In the first half of 2025, BMW's global sales exceeded 1.2 million units, a slight decrease of 0.5% year-on-year [2]. - Revenue for the same period was €67.685 billion, down 8% year-on-year, while net profit fell by 29% to €4.015 billion [2]. - The EBIT margin for the automotive segment decreased by 2.4 percentage points to 6.2% [2]. Market Performance - The Chinese market saw the largest decline, with sales dropping 15.5% to 318,125 units in the first half of 2025 [11]. - BMW's performance in other major markets, including Europe and the Americas, showed growth, with total sales in these regions increasing by 6.3% [12]. Electric Vehicle Sales - BMW's electric vehicle (EV) sales rose significantly, with over 220,000 battery electric vehicles (BEVs) delivered, marking a 15.7% increase year-on-year [5][6]. - The share of BEVs in total sales reached 18.3%, while the total delivery of new energy vehicles (including plug-in hybrids) was 319,031 units, up 18.6% [6]. Brand Performance - The MINI brand experienced a substantial increase in sales, with a 361.7% rise in pure electric model deliveries, totaling 46,000 units [7]. - BMW brand's pure electric vehicle sales decreased by 3% to 174,000 units, while plug-in hybrid sales increased by 29% to 98,000 units [7]. Strategic Initiatives - BMW is focusing on its electric vehicle strategy, with over €4 billion invested in research and development for new generation technologies [9]. - The company plans to launch 40 new models based on the Neue Klasse platform by 2027, with the first model, the iX3, debuting at the Munich Motor Show in September [9]. Competitive Landscape - The competitive pressure in the Chinese market is intensifying, particularly from local brands offering attractive features at lower prices [19]. - BMW aims to differentiate itself by leveraging localized technology and partnerships, such as collaborating with Momenta for smart driving systems [17].
净利暴跌近三成，宝马背水一战