Core Viewpoint - The performance of German luxury car manufacturers in the Chinese market has not improved in the third quarter, with significant declines in sales for brands like Mercedes-Benz and Porsche, while BMW shows slight resilience in other global markets [3][4]. Group 1: Sales Performance - BMW's global sales in Q3 increased by 8.8%, but in China, sales decreased by 0.4% to 147,000 units [3]. - Mercedes-Benz and Porsche reported significant declines in their Chinese sales, with Mercedes-Benz down 27% to 125,000 units and Porsche down 20.7% to 11,000 units [3][4]. - In the first half of the year, Audi's sales in China fell by 10.2%, while BMW and Mercedes-Benz saw declines of 15.5% and 14%, respectively [3]. Group 2: Market Challenges - Mercedes-Benz faced severe challenges in the Chinese market, with a 40% month-on-month decline in July, marking the first time in five years that monthly sales fell below 28,000 units [3]. - Porsche's sales in China have been on a downward trend since 2022, with a 15% drop in 2023 and a projected 28% decline in 2024 [5]. - The competitive landscape in the luxury car segment has intensified, with Chinese brands like AITO and Li Auto gaining market share through their advantages in electrification and smart technology [5][6]. Group 3: Electric Vehicle Strategy - BMW is the only German luxury brand with a notable presence in the electric vehicle market, while Mercedes-Benz and Audi have struggled [6]. - Mercedes-Benz plans to phase out the "EQ" sub-brand and integrate electric models into its main product lineup [6]. - Porsche has adjusted its product strategy, slowing down electric vehicle development and shifting focus back to fuel and hybrid models [6].
德系豪华车，失守中国市场