Core Insights - The German automotive giants, Mercedes-Benz, BMW Group, and Volkswagen Group, reported their Q3 2025 financial results, revealing significant pressure on their performance due to high costs associated with electric vehicle (EV) transformation [1] Financial Performance - Volkswagen Group's revenue for the first nine months of 2025 was €238.7 billion, a slight increase of 0.6% year-on-year, but operating profit fell by 57.8% to €5.4 billion. In Q3, the group reported an operating loss of €1.299 billion compared to an operating profit of €2.833 billion in the same period last year [2] - Porsche's performance was notably poor, with revenue of approximately €26.86 billion for the first nine months, down 6% year-on-year, and a drastic 99% drop in sales profit to €40 million. The company incurred a loss of €966 million in Q3 alone [2] - Mercedes-Benz Group's Q3 revenue was €32.147 billion, a decline of 6.9%, with operating profit plummeting over 70% to €750 million. Net profit after tax was €1.19 billion, down 30.8%. For the first three quarters, net profit was €3.88 billion, a decrease of about 50% [2] - BMW Group's Q3 revenue was €32.314 billion, a slight decrease of 0.3%, while total revenue for the first three quarters was €99.999 billion, down 5.6%. The group reported a pre-tax profit of €8.056 billion for the first three quarters, a decline of 9.1% [3] Regional Performance - Mercedes-Benz maintained revenue growth in Europe but faced declines in North America and Asia, with North American revenue down 9.4% to €8.277 billion and Asian revenue down 22.3% to €7.234 billion [3] - BMW Group's Q3 deliveries reached nearly 590,000 units, an increase of 8.7% year-on-year, with total deliveries for the first three quarters at 1.7957 million units, up 2.4%. European market deliveries grew by 8.6%, while U.S. deliveries increased by 9.5% [4] - Volkswagen Group's global sales for the first three quarters were 6.58 million units, a 1.8% increase, but sales in North America and Asia showed a year-on-year decline [4] Electric Vehicle Transition - The high costs associated with the transition to electric vehicles are significantly impacting the financial performance of these automakers. Mercedes-Benz is focusing on electric and digital transformation, expecting results by 2027 [5] - Volkswagen's management noted that the ramp-up of electric vehicle production diluted the group's operating profit margin, with a negative impact of approximately €3 billion due to increased EV share and price differences in various markets [6] - BMW's electric vehicle strategy is accelerating, with a 10% year-on-year increase in pure electric vehicle sales, now accounting for 18% of total sales. The group aims to launch hydrogen fuel cell vehicles by 2028, with significant progress in R&D in China [6]
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