BBA在华销量失守，加速布局纯电赛道

Core Insights - The luxury car market is undergoing significant adjustments, with BBA (BMW, Mercedes-Benz, Audi) showing a divergence in performance: BMW is leading, Mercedes-Benz is under pressure, and Audi is catching up [1] BMW Performance - BMW is the only company among BBA to achieve positive sales growth, with global deliveries reaching 588,300 units in Q3, a year-on-year increase of 8.8%, and a total of 1,795,900 units for the first three quarters, up 2.4% [1] - Strong performance in North America and Europe has offset the decline in the Chinese market [1] - In China, BMW delivered 147,121 vehicles in Q3, a slight decrease of 0.4%, with a cumulative drop of 11.2% to 464,971 units for the first three quarters [2][3] Mercedes-Benz Performance - Mercedes-Benz faced more significant sales pressure, with Q3 global sales dropping to 525,300 units, down 12% year-on-year and 4% quarter-on-quarter, totaling 1,601,600 units for the first three quarters, a decrease of 9% [1][4] - In China, Mercedes-Benz's Q3 deliveries plummeted by 27% to 125,000 units, with a cumulative decline of 18% to 418,000 units for the first three quarters [4] Audi Performance - Audi's Q3 global sales were 397,100 units, a year-on-year decline of 2.5%, with a total of 1,191,100 units for the first three quarters, down 4.8% [1] - The sales gap between Audi and BMW has widened to over 600,000 units [1] Market Dynamics - The luxury car market in China is becoming increasingly competitive, with domestic brands challenging BBA's entry-level models in the 200,000 to 400,000 yuan price range [4][5] - The market share of German brands has decreased from 18.4% in January 2025 to 14.3% in September 2025 [4] Profit Outlook - Due to the impact of the Chinese market, BMW has revised its full-year profit forecast, expecting a pre-tax profit "slightly below" last year's €10.97 billion (approximately 90.98 billion yuan) [5][6] Electrification Strategies - BBA's electrification paths are diverging: BMW is leading, Mercedes-Benz is aggressively pushing forward, and Audi is taking a more pragmatic approach [7] - BMW's electric vehicle sales reached 323,000 units in the first three quarters, a year-on-year increase of 10% [8] - Mercedes-Benz is launching a major product offensive in the electric vehicle sector, with plans to introduce at least 40 new models by the end of 2027 [9] - Audi is adjusting its electrification strategy, focusing on a balanced approach between long-term electric goals and flexible product offerings [9] Hybrid Market - The hybrid market remains a crucial support for BBA, with BMW's hybrid vehicle sales increasing by 8% to 152,000 units in Q3 [10] - Mercedes-Benz also relies on the hybrid market, delivering 96,000 hybrid vehicles, a year-on-year increase of 10% [11]