Core Viewpoint - The German luxury trio BMW, Mercedes-Benz, and Audi (collectively referred to as "BBA") has experienced a decline in sales in the Chinese market for two consecutive years, with significant drops in 2025 compared to previous years [2]. Group 1: Sales Performance - In 2025, BMW (including BMW and MINI) sold 626,000 units in China, a year-on-year decline of 12.5% [2] - Audi's sales reached 617,000 units, down 5.6% year-on-year [2] - Mercedes-Benz (excluding commercial vehicles) saw sales of 552,000 units, a decrease of 19% [2] - The sales gap between BBA brands is narrowing, with Audi's sales rising to second place, trailing BMW by less than 10,000 units [2]. Group 2: Market Dynamics - The decline in BBA's sales is linked to structural changes in the Chinese luxury car market, where brands like Li Auto, NIO, and AITO are attracting traditional BBA customers with their smart features [3] - BBA's slow transition to electric vehicles (EVs) is a contributing factor, with new products based on a pure electric platform not expected until 2026 [3]. - The overall market structure is shifting, with the market share of vehicles priced above 400,000 yuan dropping from 6.3% to 5.2%, and those in the 300,000-400,000 yuan range falling from 9% to 8.4% [3]. Group 3: Dealer Network and Pricing - The competitive environment has led to significant price reductions for luxury brands, with discounts exceeding 100,000 yuan on popular models like the Mercedes-Benz E-Class, Audi A6L, and BMW 5 Series [3]. - There has been an increase in incidents of luxury brand dealers "running away," prompting some brands to terminate authorization for problematic dealers [3]. - Manufacturers are adjusting their dealer networks by relaxing sales targets, optimizing or reducing the network, and empowering dealers through digital means [3]. Group 4: Future Strategies - BBA plans to launch new products based on a new electric vehicle platform in China and enhance local R&D and partnerships with Chinese tech companies to address their technological shortcomings [4]. - The transition to electric and smart vehicles is critical, as traditional luxury brand strengths in mechanical performance and brand premium are becoming less competitive [4]. - The competition in the luxury car market is expected to intensify in 2026, marking a significant shift in the landscape [4].
德系豪华三强，连续两年失守中国市场