Core Viewpoint - The article discusses the challenges faced by BMW, Mercedes-Benz, and Audi in the Chinese market, highlighting their struggle with declining sales and profits amid a shift towards electric vehicles and intense price competition, leading to a "mid-life crisis" for these established brands [1]. Financial Performance - In 2024, BMW Group reported revenue of €14,238.8 million (approximately ¥1.12 trillion), a year-on-year decline of 8.4% [2]. - The EBIT was €1,097.1 million (approximately ¥862.9 billion), down 35.8%, with a profit margin dropping from 11% to 7.7% [2]. - Net profit fell to €767.8 million (approximately ¥603.9 billion), a decrease of 36.9%, yet still averaging a profit of €1.65 million per day [2]. Sales Performance - BMW Group's global sales in 2024 totaled 2.45 million vehicles, a 4% decline year-on-year [3]. - Sales in China were particularly affected, with a 13.4% drop to 715,200 units [4][16]. - The decline in sales was attributed to a lack of consumer confidence and aggressive price competition in the second half of the year [5]. Electric Vehicle Strategy - BMW is focusing on electric vehicle (EV) sales, with 15% of its sales in China being pure electric models, translating to over 107,000 units sold in 2024 [5][14]. - The company aims to launch over 40 new models globally by 2027, with a significant portion being electric [7]. - In 2024, BMW's electric vehicle sales reached 427,000 units, a 13.5% increase, making up 17.4% of total sales [9]. R&D Investments - BMW's R&D expenditure reached a record high of €910 million in 2024, accounting for 6.4% of total revenue, focusing on electric and digital technologies [28]. - The company is investing heavily in the development of cylindrical batteries and aims to localize production in China [30]. - BMW plans to reduce R&D spending as a percentage of revenue in 2025, targeting a range of 4%-5% while maintaining focus on electric and digital innovations [36]. Market Challenges - The price war in the Chinese market has pressured BMW's traditional pricing structure, leading to a significant profit loss of €440 million, with over half attributed to pricing strategies [20][22]. - Despite the growth in electric vehicle sales, it has not compensated for the decline in traditional vehicle sales, resulting in a nearly 40% drop in EBIT for the automotive division [21][15]. Future Outlook - BMW aims to achieve significant milestones in electric vehicle sales by 2025, targeting a cumulative total of 3 million new energy vehicles sold globally and 1.5 million pure electric vehicles delivered [23]. - The company is transitioning towards becoming a technology leader, with a focus on integrating AI and digital innovations into its product offerings [37].
BBA集体遭遇“中年危机”，宝马每卖出4辆车有1辆电动车