Core Viewpoint - The traditional luxury car giants BBA (BMW, Mercedes-Benz, Audi) are facing significant growth challenges, with declining revenues and profits, particularly in the Chinese market, indicating a critical phase in their transformation efforts [1][2][4]. Financial Performance - In the first half of 2025, BBA's financial results showed a mixed performance: BMW led with €67.685 billion in revenue, down 8% year-on-year; Mercedes-Benz followed with €66.377 billion, experiencing the largest revenue drop of 8.6% and a net profit decline of over 50%; Audi was the only brand with revenue growth, reaching €32.573 billion, but its net profit was only €13.46 billion, one-third of BMW's [2][4][5]. - The overall net profit for Mercedes-Benz fell by 55.8% to €2.688 billion, while BMW's net profit decreased by 29% to €4.015 billion, and Audi's net profit dropped by 37.5% [7][8]. Market Challenges - BBA collectively struggled in the Chinese market, with delivery volumes declining by 15.5% for BMW, 14.2% for Mercedes-Benz, and 10.3% for Audi [4][6]. - The entry-level models of BBA are facing intense competition from domestic brands, leading to significant sales declines in the mid-range price segment [7][8]. Electric Vehicle Transition - The shift towards electric vehicles (EVs) is critical for BBA, with distinct strategies emerging: BMW is leading in EV sales, with 220,600 units sold in the first half of 2025, a 15.7% increase; Audi's EV sales grew by 32.3%, while Mercedes-Benz's EV sales fell by 14% to 87,300 units [9][12][13]. - Audi is cautiously pursuing electrification, planning to launch new internal combustion and hybrid models between 2024 and 2026, while BMW is focused on its new generation platform to boost EV sales [12][13][14]. Strategic Adjustments - BBA is adjusting its electrification goals, with Mercedes-Benz postponing its target for full electrification to 2030, aiming for a maximum of 50% of new models to be electric or hybrid by that year [14][15]. - The competitive landscape is shifting, with BBA needing to enhance their smart technology capabilities alongside their electrification efforts to regain their former market dominance [15].

为应对盈利危机，奔驰于今年初启动大规模成本削减计划，包括裁员逾1万人、缩减管理层规模及暂停部分研发项目。然 而，上述措施未能抵消销量下滑带来的冲击。细分业务中，高端车型销量相对稳健，但入门级车型及电动车表现低迷，尤 其在欧美市场面临特斯拉及中国品牌的激烈竞争。此外，汇率波动和原材料价格上涨进一步挤压利润空间。 专业人士指出，奔驰的业绩颓势反映传统车企在行业变革中的普遍困境。尽管奔驰强调将加速电动化布局并优化燃油车产 品线，但市场对其短期复苏信心不足。受财报影响，奔驰股价当日下跌3.5%，年内累计跌幅已超20%。行业预测，若下半 年消费环境未改善，奔驰全年利润或面临十年来首次亏损。 梅赛德斯-奔驰集团近日发布2025年上半年财报，1至6月，奔驰实现销售收入726亿欧元，同比下滑8.6%；税后净利润仅27 亿欧元，较去年同期锐减55.8%，创下近五年同期最差表现。奔驰称，全球市场需求疲软、电动化转型成本高企及供应链问 题持续拖累业绩。 ...