奔驰在华遭遇“滑铁卢”，三季度销量暴跌27%，电动化转型承压

Group 1 - Mercedes-Benz is facing significant challenges in the Chinese market, with Q3 2025 deliveries dropping 27% year-on-year, marking the worst quarterly performance since 2016 [2] - The decline in sales reflects ongoing weakness in high-end automotive demand in China and highlights the strong competition from local electric vehicle brands like BYD and Xiaomi [2] - The drop in sales has negatively impacted Mercedes-Benz's global performance, with a 12% year-on-year decline in global deliveries and a 17% drop in the U.S. market due to tariff uncertainties [2] Group 2 - The sales decline is not limited to Mercedes-Benz; German competitors BMW and Porsche are also experiencing weakened sales and increased price competition in China [3] - BMW has lowered its full-year profit forecast due to the ongoing sluggishness in the Chinese market and increased dealer subsidy expenditures [3] - These trends indicate a deeper structural change in the Chinese automotive market, as traditional luxury brands are losing their appeal amid the electric vehicle wave [3]