以下文章来源于字母榜 ，作者朱晓宇 字母榜 . 让未来不止于大 本文来自微信公众号： 字母榜 ，作者：朱晓宇，题图来自：视觉中国 过去二十年，德系三强"宝马、奔驰、奥迪"凭借品牌口碑和进口身份，走进中国市场，成为消费者心 中豪华和身份的代名词。不过，随着中国本土新能源品牌的快速崛起，BBA在由低到高的三大主力 细分市场中，前两个级别的市场份额正逐步流失。 在入门级豪华轿车市场，代表车型"34C" （宝马3系、奥迪A4L、奔驰C级） 的终端价格已明显下探 至20万元区间。例如，2025款的奔驰C260L运动版指导价为35.68万元，北京4s店的裸车价格降至25 万元，在此基础上还能叠加2.5万元的报废补贴。 尽管如此，价格让步并未有效提振销量。2025年上半年，奔驰C级与奥迪A4L销量同比分别下降16% 和27%，仅宝马3系实现小幅增长。与此同时，20万至30万元价格区间内新能源车型的销量占比，已 从去年同期的60%提升至63.3%，进一步挤压传统豪华入门车的市场空间。 宝马在财报中直言，中国市场中低端车型竞争激烈。上半年，宝马的走量车型X3/X4、i3/i4的交付量 分别同比下滑了24.6%和70.8%。走量 ...

Core Viewpoint - The company is set to become the first automaker in China to achieve a production and sales milestone of 30 million vehicles, with a promotional journey across three cities to celebrate this achievement [1][3][20] Group 1: Historical Significance - FAW-Volkswagen has played an irreplaceable role in the Chinese automotive landscape, introducing iconic models like the Jetta and Golf, which significantly contributed to the popularization of automobiles in China [3] - Since the first Jetta A2 rolled off the production line in 1991, the company has seen rapid growth, reaching 10 million units in 2014, 20 million in 2020, and is projected to hit 30 million by 2025 [3] Group 2: Quality Assurance and Safety - The company emphasizes high safety standards, as demonstrated by a recent incident where an Audi A4L survived a severe accident due to its robust structural design [7][9] - FAW-Volkswagen's vehicles average a C-NCAP score close to 90%, with over 90% of models achieving a five-star rating, significantly surpassing industry averages [9] - The company has invested 320 million yuan in its quality assurance center, which spans 16,000 square meters and houses 1,780 testing devices, capable of conducting over 400 testing projects [12] Group 3: Technological Advancements - The company employs advanced technologies such as AI and machine vision to enhance production quality, ensuring precise monitoring of critical assembly processes [11][15] - A comprehensive digital monitoring system covers every production station, allowing real-time quality checks and parameter adjustments to prevent deviations [13] Group 4: Marketing and Customer Engagement - FAW-Volkswagen has initiated a marketing transformation called the "1511" strategy, focusing on collaboration between product teams and enhancing customer engagement through a new customer operations department [16][19] - The new marketing approach integrates various functions from market analysis to after-sales service, aiming to improve response efficiency and customer satisfaction [19] Group 5: Future Outlook - The company is poised for further growth and innovation as it approaches the 30 million vehicle milestone, with expectations for new stories and developments in the automotive sector [20]

金秋时节历来都是售车旺季,不过,在国内A级车展上,却少见外资豪车品牌身影。国产新能源汽车火爆的 当下,外资豪车为啥集体遇冷?汽车市场正经历怎样的变化? 记者孙佳琪尹睿济南报道 豪华车"退展"背后: 销量跳水、利润腰斩 近期举行的成都车展上,消失的宾利、保时捷、兰博基尼,缩水的BBA(外资代表品牌奔驰、宝马、奥迪的 首字母组合),成为汽车圈热议的话题。作为国内四大A级车展之一,10余家外资豪车品牌集体缺席,被视为 汽车行业历史性转折的重要节点。 乘联会数据显示,2025年7月,豪华车零售量仅17万辆,同比大跌20%,市场份额萎缩至9.3%,出现结构性萎 缩。具体到品牌,保时捷2025年1-7月销量同比暴跌28%；玛莎拉蒂更是惨淡,去年国内销量仅1209辆,同比 下滑58%。BBA也承受着巨大压力:奔驰7月销量下滑37.2%、奥迪降26.6%、宝马跌21.7%。 汽车厂商参加A级车展,平均一场要花费数百万甚至上千万费用,"我们经销商想参与省级车展,一次核算下 来,成本也有30多万。"济南奔驰某4S店销售经理任先生分析,一方面,参与车展要耗费较高的成本；另一 方面,销量和利润下滑,让车商们不得不精打细算、能省则省, ...

Group 1 - The Chinese imported automobile market is experiencing a continuous decline, with total imports expected to be only 220,000 units in the first half of 2025, a year-on-year decrease of 32% [1] - Since reaching a peak of 1.43 million imports in 2014, the market has been on a downward trend, with a 12% year-on-year decline in 2024, bringing imports down to 700,000 units [1] - The decline is attributed to the rise of the domestic automotive industry and the wave of electrification [1] Group 2 - Traditional luxury car brands, particularly the German trio (BMW, Mercedes-Benz, Audi), are facing significant challenges, with BMW deliveries down 15.5% to 317,900 units, Mercedes-Benz down 19% to 293,200 units, and Audi down 10.2% to 287,600 units [3] - In contrast, domestic new energy luxury vehicles are rising sharply, with Li Auto delivering 204,000 units and NIO delivering 74,000 units in the same period [3] - In the 300,000-400,000 yuan market, new energy vehicles achieved a market share of 52.5% in July, surpassing traditional fuel vehicles for the first time [3] Group 3 - Despite the challenges, traditional luxury brands still maintain a loyal customer base, with a market share of 58.7% in July, down from 60.2% in March [4] - The slow pace of electrification among traditional luxury brands is evident, with imported new energy passenger vehicles accounting for only 2% of the market in the first half of 2025, an 80% year-on-year decline [4] - Policy changes, such as the adjustment of luxury car tax thresholds, have led to a significant drop in sales for some models, with declines exceeding 20% [4] Group 4 - The future of the Chinese imported automobile market will be characterized by both challenges and opportunities, with the competition between traditional luxury and domestic luxury brands unlikely to end soon [5] - Domestic brands are leading in electrification, making it difficult for traditional ultra-luxury brands to catch up [5] - The market feedback indicates that high-end positioning now relies on technological strength and ecosystem development rather than solely on brand prestige [5]

Core Insights - The luxury automotive market is experiencing a significant shift as traditional brands like BBA (BMW, Benz, Audi) face declining sales, while domestic new energy luxury vehicles are gaining market share [1][6][8] - The overall market for luxury vehicles is not shrinking; instead, it is expanding, with a notable increase in the penetration rate of luxury cars in China [8][11] Sales Decline - In the first half of the year, luxury brands, including BBA, reported a decline in sales, with BMW down 15.5%, Mercedes-Benz down 14%, and Audi down 10.2% [6][11] - The import of luxury vehicles also saw a significant drop, with June imports down 30% year-on-year and a total of 220,000 imported vehicles in the first half, a 32% decrease [3][4] Market Dynamics - The luxury car market has grown from 1.45 million units in 2016 to 5.11 million units in 2024, with market penetration increasing from under 6% to 18.5% [8] - Domestic brands are increasingly competing with traditional luxury brands, with companies like Li Auto and NIO showing strong sales figures [8][11] Price Segmentation - In the price range of 300,000 to 400,000 yuan, traditional luxury brands still hold a significant share, but new energy vehicles are gaining ground, with a market share of 52.5% in July [10][11] - In the segment above 400,000 yuan, traditional luxury brands maintain a higher market share, but there is a noticeable decline in their dominance [10][11] Tax Implications - Recent tax changes may impact the sales of traditional luxury brands, as the threshold for luxury car taxation has been lowered, potentially leading to increased costs for consumers [13] - Experts suggest that traditional luxury brands need to enhance their competitive edge by focusing on performance and smart features to retain market share [13]

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].

Core Viewpoint - The traditional luxury car giants BBA (BMW, Mercedes-Benz, Audi) are collectively facing growth bottlenecks, with declining revenues and profits, particularly in the Chinese market, indicating a deep transformation pain that requires immediate and decisive action to recover and seize future opportunities [1][3][6]. Group 1: Financial Performance - In the first half of 2025, BBA's financial results showed a trend of "two declines and one increase" in revenue, with all three companies experiencing a "full-line decline" in net profits [3][6]. - BMW led with a revenue of €67.685 billion, despite an 8% year-on-year decline; Mercedes-Benz followed with €66.377 billion, suffering the largest revenue drop of 8.6% and a net profit halved; Audi was the only brand with revenue growth, reaching €32.573 billion, but its net profit was only €1.346 billion, one-third of BMW's [3][6]. - The decline in performance has led BBA to lower their profit forecasts, with Audi adjusting its annual revenue target to €65-70 billion and profit margin expectations down to 5-7%; BMW expects a decrease in profit margin to 5-7%; and Mercedes-Benz anticipates lower sales than the previous year, adjusting its return on sales from 6-8% to 4-6% [6]. Group 2: Market Challenges - BBA has collectively lost ground in the Chinese market, which is their most important single market globally, with delivery volumes declining by 15.5% for BMW, 14.2% for Mercedes-Benz, and 10.3% for Audi [5][6]. - The entry-level models of BBA, priced between 200,000 to 400,000 yuan, are facing fierce competition from domestic brands, leading to a decline in both volume and profit [8][9]. - BMW's popular models, such as the X3/X4 and i3/i4, saw delivery declines of 24.6% and 70.8%, respectively, indicating significant pressure in the mid-range segment [8][9]. Group 3: Electric Vehicle Transition - The shift to electric vehicles (EVs) is seen as essential for BBA's recovery, with distinct strategies emerging: BMW is leading, Audi is gaining momentum, while Mercedes-Benz is lagging [11][12]. - Audi reported a 32.3% increase in pure electric vehicle sales, achieving a penetration rate of 12.8% with 101,400 units delivered; BMW's electric vehicle sales reached 220,600 units, up 15.7%, while Mercedes-Benz's sales fell by 14% to 87,300 units [15][16]. - BMW is focused on a clear electric future, with plans for a new generation platform expected to boost electric vehicle sales significantly, aiming for 50% of its sales to be electric by 2035 [16][17]. Group 4: Strategic Adjustments - Audi has adopted a more cautious approach to its electric vehicle strategy, delaying the complete phase-out of combustion engines and planning to launch new internal combustion and hybrid models from 2024 to 2026 [16]. - Mercedes-Benz has adjusted its electric vehicle strategy, aiming for a maximum of 50% of its sales to be new energy vehicles by 2030, while still planning to introduce new electric models [17]. - The BBA's transition to electric vehicles is characterized by a pragmatic return to rationality, facing the dual challenge of accelerating the transition while addressing shortcomings in smart technology [18].

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 transformation phase for these companies [1][2][4]. Financial Performance - In the first half of 2025, BBA's financial results showed a mixed performance: BMW led with revenues of €67.685 billion, down 8% year-on-year; Mercedes-Benz followed with €66.377 billion, experiencing the largest revenue drop of 8.6%, and a net profit halved to €26.88 billion; Audi reported revenue growth to €32.573 billion but with a net profit of only €1.346 billion, one-third of BMW's [2][4][8]. - The overall net profit for BBA saw significant declines, with Mercedes-Benz's net profit dropping 55.8%, BMW's down 29%, and Audi's down 37.5% [7][8]. Market Challenges - BBA collectively struggled in the Chinese market, with delivery volumes down 15.5% for BMW, 14.2% for Mercedes-Benz, and 10.3% for Audi, making it the largest single market decline globally for these brands [4][10]. - The entry-level models of BBA are facing intense competition from domestic brands, leading to a decline in both volume and profit margins [9][10]. Strategic Adjustments - BBA has lowered their profit forecasts: Audi revised its revenue target to €65-70 billion with a profit margin expectation of 5-7%; BMW anticipates a decline in its automotive EBIT margin to 5-7%; Mercedes-Benz expects lower sales than the previous year with a revised return on sales (ROS) of 4-6% [4][10]. - The companies are adjusting their strategies towards electric vehicle (EV) production, with BMW leading in EV sales, while Mercedes-Benz has delayed its full electrification target to 2030 [11][16]. Electric Vehicle Transition - Audi reported a 32.3% increase in EV sales, leading BBA, with a total of 101,400 units delivered; BMW's EV sales reached 220,600 units, up 15.7%, while Mercedes-Benz saw a 14% decline in EV sales to 87,300 units [14][16]. - BMW is focusing on its new generation platform to boost EV sales, aiming for 50% of its sales to be electric by 2035, while Audi is cautiously expanding its EV lineup [15][16]. Future Outlook - The BBA's transition to electric and smart vehicles is seen as a necessary response to market pressures, with the potential for new growth opportunities emerging from current challenges [17].

Core Viewpoint - The Chinese automotive industry is undergoing significant reforms in the first half of 2025, marked by stringent regulatory policies and the prohibition of high-interest, high-rebate financial models that have been prevalent in the market [1][3]. Group 1: Regulatory Changes - The Ministry of Industry and Information Technology has introduced a series of strict regulatory policies, while the central bank and six other departments have issued guidelines to support consumer financing in the automotive sector [1]. - The rebate given to dealers by banks has been drastically reduced from 15% to below 4%, and the annual interest rate for car loans has decreased from 6.5% to 3.2% [1]. Group 2: High-Interest, High-Rebate Model - The high-interest, high-rebate financial model, which gained widespread attention in 2022 and faced regulatory scrutiny in 2024, is set to be completely phased out by mid-2025 [3]. - This model was initially designed to benefit banks, dealers, and consumers, with dealers using rebates to subsidize car prices for consumers [3][5]. Group 3: Impact on Dealers and Consumers - Dealers have increasingly relied on high-interest, high-rebate commissions for profit, leading to practices that restrict consumer choices, such as prioritizing loan purchases over cash transactions [5][6]. - The reliance on this model has resulted in banks becoming the financial losers, as consumers tend to repay loans earlier than expected, diminishing banks' anticipated returns [8][10]. Group 4: Price Adjustments Post-Regulation - Following the ban on high-interest, high-rebate policies, major automotive brands like Lexus, Audi, BMW, and Mercedes have begun to raise prices, with Lexus models seeing average increases of over 25,000 yuan [10][12]. - Some brands have implemented promotional strategies to encourage purchases, but these often result in price hikes compared to previous financing options [12][13].

Core Viewpoint - The luxury automotive market, particularly the German trio of BBA (Benz, BMW, Audi), is experiencing a significant price drop due to the rise of electric vehicles and strong competition from domestic brands, leading to a collective price war that undermines their traditional premium positioning [3][4][6]. Price Cuts and Market Dynamics - Since 2025, BBA has engaged in aggressive price reductions, with Mercedes-Benz GLC seeing discounts up to 199,000 yuan, and the EQC dropping from 620,000 yuan to 220,000 yuan, a staggering decrease of 400,000 yuan [4][5]. - Audi's A4L has seen its price drop to the 200,000 yuan range, while the Q7's entry price has fallen below 500,000 yuan for the first time [4]. - BMW's 525Li has dropped to below 290,000 yuan, representing a 34% discount from its original price [5]. - The overall luxury car market is witnessing a collapse in pricing, with models like the Porsche Cayenne and Macan also seeing significant price reductions [5]. Impact of Electric Vehicles and Domestic Brands - The price decline is primarily driven by the competitive pressure from domestic electric vehicle brands, which are advancing rapidly in technology and market share [6][10]. - Domestic brands like Li Auto and AITO are offering advanced features that BBA's models lack, such as superior intelligent driving systems [7][8]. - BBA's sales in China are declining, with Mercedes-Benz down 7% to 683,600 units, BMW down 13.3% to 714,500 units, and Audi down 10.9% to 649,000 units in 2024 [10]. Challenges in Transformation - BBA is struggling with the transition to electric and smart vehicles, with significant investments required while their net profits are declining: Mercedes-Benz down 28.4%, BMW down 36.9%, and Audi down 33.1% [12]. - The lack of in-house battery production capabilities forces BBA to rely on expensive external suppliers, impacting their cost structure [12]. - BBA's attempts to collaborate with tech companies like Huawei for smart driving solutions may lead to a loss of brand identity and autonomy [13]. Strategic Responses - In response to the crisis, BBA plans to launch 36 new products from 2025 to 2027, with BMW aiming for a 20% efficiency improvement and Audi collaborating with Porsche on a new electric platform [11][12]. - Initial signs of recovery are noted, with models like the Audi Q4 e-tron and BMW i3 seeing increased orders after integrating advanced technologies [13]. Conclusion - The luxury car market's definition is shifting, and BBA's ability to reclaim its former status is increasingly uncertain, suggesting a potential long-term decline in brand value and consumer trust [14].