德系豪华三强，连续两年失守中国市场

Core Viewpoint - The German luxury car 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 [3][4]. Group 1: Sales Performance - In 2025, BMW's sales in China were 626,000 units, down 12.5% year-on-year; Audi's sales were 617,000 units, down 5.6%; and Mercedes-Benz's sales were 552,000 units, down 19% [3][4]. - The sales gap between BBA brands is narrowing, with Audi's sales rising to second place in China, trailing BMW by less than 10,000 units [3][4]. Group 2: Market Dynamics - The decline in BBA's sales is attributed 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 technology offerings [4][5]. - 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 the share of vehicles priced between 300,000 and 400,000 yuan falling from 9% to 8.4% [5]. Group 3: Competitive Environment - The competitive landscape 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 [5]. - The intense competition has also impacted the dealer network, with frequent reports of luxury brand dealers exiting the market and manufacturers adjusting sales targets and policies to alleviate pressure on dealers [5][6]. 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 [6]. - The transition to electric and smart vehicles is critical for maintaining competitiveness, as traditional luxury brand strengths in mechanical performance and brand premium are becoming less relevant [6].