享界S9所在的30万元以上的豪华车市场中，在自主品牌冲击下，部分传统豪华车产品销量下降。中国 汽车流通协会专家李颜伟披露的数据显示，今年1月~9月，30万元以上市场以及豪华车市场销量同比下 降约12%，主要受经济大环境影响，这一市场的整体规模在萎缩。 此次推出的新享界S9，涵盖增程、纯电共4个版本车型，售价区间为30.98万～36.98万元。享界S9于 2024年8月上市，以起售价39.98万元切入行政轿车赛道，对标奔驰E级、宝马5系等传统豪华车型。但受 限于新品牌认知度尚未充分建立、价格高于同级竞品，叠加智能辅助驾驶功能在商务场景中未达到有效 卖点等因素，享界S9上市后销量未达预期。 2025年4月，享界S9推出增程版车型将起售价拉低至30.98万元，同步完成车身加宽与智能辅助驾驶软硬 件升级，此后享界S9的销量小幅上涨。直到鸿蒙智行在今年9月份推出首款旅行车享界S9T后，享界销 量迎来转折点。余承东称，享界S9T上市66天大定破3万辆。 此次新款享界S9在配置上全面升级，搭载全新华为途灵平台、乾昆智驾ADS 4系统，起售价与S9T保持 一致，两者组成"旗舰9系双子星"。 11月20日，鸿蒙智行旗下享界新S ...

Core Viewpoint - BMW is facing significant challenges in the Chinese market, highlighted by a large-scale recall of over 144,000 vehicles due to safety concerns, which may impact its sales performance in a competitive landscape [3][4][5]. Recall Details - BMW has initiated a recall involving 144,132 vehicles, including both imported and domestic models, due to a design flaw in the engine starter relay that could lead to overheating and fire [3][4]. - The recall is divided into two parts: S2025M0175V, affecting over 80,000 imported vehicles, and S2025M0176V, involving 58,533 domestic 3 Series cars [3][4]. - The affected models include various series such as the 4 Series, 5 Series, 7 Series, X4, X5, and the domestic 3 Series, with the X Series accounting for nearly 33% of the total recall [3][4]. Sales Performance - In the first three quarters of the year, BMW's global sales reached 1.7959 million units, a 2.4% increase year-on-year, but the company experienced an 11.2% decline in sales in the Chinese market [7]. - In the third quarter, BMW delivered 147,100 vehicles in China, a slight decrease of 0.4% year-on-year, contrasting with a global delivery increase of 8.8% [7]. - The domestic 3 Series is a key model for BMW in China, with sales accounting for 29.4% of total sales in the first ten months of the year, raising concerns about the impact of the recall on its sales [5]. Market Competition - The luxury car market in China is undergoing significant changes, with domestic electric vehicle brands like AITO, Li Auto, and NIO achieving record monthly sales, putting pressure on traditional luxury brands [7]. - Competitors such as Mercedes-Benz and Porsche are also experiencing declines in sales, with Mercedes-Benz's third-quarter sales down 27% [7]. - Price reductions are becoming common among traditional luxury brands, with significant discounts reported for models like the BMW 5 Series and Mercedes-Benz C-Class [7]. Strategic Initiatives - In response to market challenges, BMW is intensifying its local strategy, launching the "Neue Klasse" electric vehicle platform, with the iX3 model featuring local adaptations [8]. - Despite efforts in electrification, sales of BMW's electric models remain low, with the iX3 and iX1 averaging only a few thousand units sold monthly [8].

Core Points - BMW China, Brilliance BMW, FAW-Volkswagen, and Ford China have filed recall plans with the State Administration for Market Regulation, totaling over 140,000 vehicles due to issues with components such as relays, airbags, seat belts, and batteries [1][4][8] Group 1: BMW Recall - BMW is recalling vehicles due to poor waterproof performance of the starter relay, which may lead to water ingress, circuit corrosion, and potential electrical short circuits, posing a fire risk [4] - The recall includes specific models and production dates, with a total of 58,533 domestic 3 Series vehicles and various imported models, including 604 units of the 4 Series and 27,950 units of the X5 [2][4] Group 2: FAW-Volkswagen Recall - FAW-Volkswagen is recalling 187 units of the ID.7 VIZZION due to a size deviation in the passenger airbag gas generator's filter, which may prevent the airbag from deploying correctly in an accident, increasing the risk of injury [5][7] Group 3: Ford Recall - Ford is recalling 3,357 units of the Lincoln Navigator due to insufficient welding in the pre-tensioner of the front seat belt retractor, which may cause unexpected deployment and safety hazards [8][10] - Additionally, Ford is recalling 58 units of the 2020 Lincoln Navigator for issues related to the battery junction box, which may corrode and pose a fire risk [10]

Recall Information - BMW (China) Automotive Trade Co., Ltd. and Brilliance BMW Automotive Ltd. have filed a recall plan with the State Administration for Market Regulation according to the regulations on defective automotive products [1] - Recall number S2025M0175V will take effect from November 14, 2025, involving a total of 60,604 vehicles across various models including the 4 Series, 5 Series, 6 Series, 7 Series, X4, X5, X6, and Z4, with production dates ranging from June 16, 2020, to December 15, 2020 [1] - Recall number S2025M0176V will also take effect from November 14, 2025, involving 58,533 domestically produced 3 Series vehicles manufactured between October 9, 2018, and May 14, 2020 [2]

Core Insights - The new Cadillac CT6 is launched with a starting price of 289,900 yuan, aiming to reshape the luxury mid-large sedan market [1] Group 1: Product Features - The CT6 focuses on "million-level configuration democratization," featuring the fourth-generation MRC electromagnetic suspension, which scans road conditions 1,000 times per second and adjusts damping instantly [1] - It is equipped with a fully imported longitudinal 10-speed transmission and an mLSD limited-slip differential, enhancing its performance [1] Group 2: Market Context - The luxury mid-large car market is undergoing a restructuring phase, with BBA (BMW, Benz, Audi) still dominating but facing challenges [1] - In 2024, BMW 5 Series sales are projected to decline by nearly 50,000 units year-on-year, while Mercedes E-Class and Audi A6L rely on terminal discounts to maintain sales, with entry prices exceeding 360,000 yuan [1] - Domestic electric models like BYD Han and Xiaomi SU7 are rapidly rising, putting significant pressure on traditional fuel luxury cars [1] Group 3: Strategic Positioning - Cadillac aims to break through the market with a strategy of "technological downscaling + price resetting," offering a starting price nearly 80,000 yuan lower than BBA competitors [1] - The company also provides unique benefits such as "free vehicle replacement for damages over 30%," creating a differentiated advantage [1] - This strategy targets not only BBA fuel vehicle users but also seeks to capture market share amidst the rising tide of electric vehicles by offering high-end configurations in fuel cars [1]

Sales Performance - The S9T has generated significant interest, with 75 units sold last month and 27 pre-orders placed before the National Day holiday [2][3] - The most popular configurations are the range-extended Max with a price of 324,800 and the pure electric Max long-range at 329,800 [3] - The best-selling colors are "仙踪绿" (Mystic Green), "寰宇红" (Cosmic Red), and "鎏金黑" (Golden Black) [3][16] Customer Demographics - Customers are primarily divided into two groups: those transitioning from the S9 and those specifically interested in travel vehicles [3] - Notable customers include a graduate student who prefers the S9T for its travel capabilities and a textile factory owner who initially considered luxury brands but was swayed by the S9T's features [6][8] Competitive Analysis - The main competitors identified are the Tesla Model Y and NIO ET5T, although customers often compare various models based on budget rather than fixed competitors [11][12] - The S9T is perceived as a strong alternative to traditional luxury brands, with customers associating it with high-quality manufacturing due to its collaboration with BAIC [6][8] Customer Feedback - Common complaints from customers include concerns about noise insulation due to frameless doors, visibility issues with the steering wheel obstructing the instrument panel, and limited trunk space [18] - Maintenance costs for the range-extended version are approximately 700 yuan per service, while the pure electric version costs around 650 yuan every 20,000 kilometers [20] Marketing and Promotions - The company offers promotional activities for car owners, including points for referrals that can be redeemed for discounts [21] - There are strict price controls on the new model, with penalties for dealerships that offer unauthorized discounts [21]

Group 1 - BMW Group is lowering its profit expectations for 2025 due to weak sales in the Chinese market, rising tariff costs, and increased financial support for Chinese dealers [2] - The expected pre-tax profit for 2025 is projected to be slightly below the 10.97 billion euros (approximately 90.98 billion yuan) forecasted for 2024, which was previously expected to remain stable compared to the previous year [2] - The EBIT margin for BMW's automotive business has been revised down from 5%-7% to 5%-6%, and the return on capital employed has been adjusted from 9%-13% to 8%-10% [2] Group 2 - In the Chinese market, BMW's sales for October have decreased by 0.4% year-on-year, and the year-to-date sales have dropped by 11.2% [3] - The company anticipates further declines in sales in the Chinese market for the fourth quarter of this year [2] Group 3 - BMW is focusing on its new generation of electric vehicles to boost sales, having invested over 10 billion euros (approximately 82.93 billion yuan) in the Neue Klasse series [4] - However, the sales performance of key electric models like the i3 and iX3 has been disappointing, with sales figures of 16,586 and 8,599 units respectively in the first eight months [4] - Quality issues and after-sales service deficiencies have further exacerbated the brand's challenges, with models like the 5 Series, 3 Series, and X3 facing significant complaints [4]

Core Viewpoint - The article discusses the significant shift in the Chinese luxury car market, highlighting the decline of traditional German brands (BBA: BMW, Benz, Audi) due to the rapid rise of domestic electric vehicle brands, particularly in the entry-level and mid-range luxury segments [3][4][10]. Group 1: Market Dynamics - Over the past two decades, BBA has established itself as a symbol of luxury in China, but is now losing market share in the entry-level luxury sedan segment, where prices have dropped significantly [3][4]. - In the first half of 2025, the sales of Benz C-Class and Audi A4L fell by 16% and 27% respectively, while BMW 3 Series saw a slight increase [3]. - The market share of new energy vehicles in the 200,000 to 300,000 yuan price range has increased from 60% to 63.3% year-on-year, further squeezing the market for traditional luxury entry-level cars [3][4]. Group 2: Financial Impact - BBA's financial performance has been adversely affected, with Benz's net profit dropping by 55.8%, Audi's by 37.5%, and BMW's by 29% in the first half of 2025 [4]. - The mid-range luxury sedan market is also experiencing price cuts, with the entry-level BMW 5 Series seeing a price reduction of 40% [4]. Group 3: Competition from Domestic Brands - Domestic brands like NIO and BYD are increasingly targeting the ultra-luxury market, with models like the NIO ET9 and BYD's Yangwang U8 directly competing with BBA's offerings [4][5]. - NIO's ET9 surpassed BMW 7 Series and Audi A8L in sales shortly after its launch, indicating a shift in consumer preference [5]. - The Huawei-backed ZunJie S800 received over 14,000 pre-orders within 109 days, suggesting a strong market response that could challenge BBA's dominance [5][19]. Group 4: Historical Context and Future Outlook - The luxury car market in China has evolved significantly from 2010 to 2020, with BBA's market share dropping from 94.03% in 2012 to 63% in 2020 [7][10]. - By 2024, BBA's combined market share is projected to fall to 35%, while domestic brands like Li Auto and AITO are gaining traction [10]. - The competition in the ultra-luxury segment remains challenging for domestic brands, as they must overcome brand perception issues and establish a strong market presence [24][26].

Core Viewpoint - BMW officially announced the launch of a direct sales model, set to begin implementation in 2027, marking a significant shift away from traditional dealership partnerships [1] Group 1: Transformation and Strategy - BMW is transitioning from a fuel-centric product era to a new generation of products, focusing on self-developed technologies such as the Panoramic iDrive system and sixth-generation eDrive technology [1] - The new generation represents a culmination of European automotive transformation, showcasing both ambition and a disconnect with global market trends, particularly in smart technology [3][5] - The new generation's energy performance is impressive, featuring an 800V high-voltage platform and an expected range of 900 kilometers, but its smart technology appeal is perceived as weak [3][5] Group 2: Challenges and Comparisons - BMW's new generation is likened to Volkswagen's ID series, facing challenges due to its European roots and a lack of software development capabilities [5][7] - Compared to competitors like Audi and Nissan, which have rapidly developed their new models, BMW's timeline has been slower, with the iX3L model only beginning testing in April 2023, despite the new generation platform being proposed in 2021 [7] - BMW's collaboration with Chinese partners has been less effective than that of its competitors, as its partner, Brilliance, lacks the competitive edge of other Chinese automotive firms [7][8] Group 3: Design and Market Perception - The design of the new generation has sparked controversy, particularly regarding the rear design of the 5 Series and the narrowed kidney grille, which reflects a struggle to balance tradition with modernity [8][10] - The narrowing of the kidney grille is a nod to BMW's historical design, but it raises questions about the brand's ability to innovate while retaining its identity [10][12] Group 4: Recent Developments and Market Performance - In 2023, BMW announced several strategic partnerships aimed at enhancing its technological capabilities, including collaborations with Alibaba and Momenta for AI and autonomous driving systems [14][15] - Despite a recent sales increase of 42% for Brilliance BMW, overall sales for BMW in the first half of the year fell by over 15%, indicating ongoing market challenges [15][17] - BMW's pricing strategy has shifted, with the 5 Series and 3 Series seeing significant price reductions, reflecting a reliance on competitive pricing to maintain market presence [15][17]

Core Insights - During the "Golden Week" holiday, luxury car brands are offering significant discounts to capture market share, with some models seeing reductions of nearly 100,000 yuan [1][2][3] - The promotional activities have led to increased customer traffic and sales, with some dealerships reporting daily sales of five vehicles and high foot traffic [4] Group 1: Discounts and Promotions - Luxury brands like Audi and BMW are providing substantial discounts, with models such as the Audi A6L and BMW 5 Series seeing prices drop to 340,000 yuan and 360,000 yuan respectively [1][3] - Audi's new models, including the A5L and Q6L e-tron, are being promoted with a combined discount of up to 30,000 yuan during the holiday [2] - Mercedes-Benz is also participating in the discount trend, with models like the GLA 22 and GLC 300 seeing prices reduced to 200,000 yuan and 390,000 yuan respectively [2] Group 2: Market Performance - The "Golden Week" has positively impacted the luxury car market, with increased consumer interest and sales activity noted during the holiday period [1][4] - Dealerships are experiencing a rise in customer visits, with some reporting nearly 50 groups of customers per day looking at vehicles [4] - The introduction of new models has maintained customer interest, even in the absence of cash discounts for certain brands [4]