Auto Weekly: That was the week

Research evidence excerpt

Auto Weekly: That was the week

Deutsche Bank

Research

Europe Industry Date

3 July 2026

Auto Weekly Market Update

That was the week

Figure 1: BMW's Spartanburg Figure 2: Model changeovers can Tim Rokossa

Head of European Equity Research

remains an important SUV lead to higher sales volume

production plant despite localization Christoph Laskawi

in China Research Analyst

180,000 Production volume of X5 80,000 X5 global sales incl model changeovers and facelifts Nicolai Kempf

160,000 70,000 Research Analyst

140,000

60,000

120,000

50,000 Edison Yu

100,000

80,000 40,000 Research Analyst

60,000 30,000

40,000 20,000 Bin Wang

20,000 10,000

Research Analyst

2021 2022 2023 2024 2025 2026e

US China Others Q1-10 Q3-10 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 Q3-14 Q1-15 Q3-15 Q1-16 Q3-16 Q1-17 Q3-17 Q1-18 Q3-18 Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Q3-21 Q1-22 Q3-22 Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25 Q1-26 Nikita Papaccio

Source : Deutsche Bank, company data, LMC Source : Deutsche Bank, company data, Marklines; Note: orange line Research Analyst

mark a facelift, red line a model changeover

Winnie Dong

BMW used its Spartanburg investor day to underline two core messages: 1) the US

Laura Li

has clearly outgrown simply being an attractive profit pool but is a strategic

Research Associate

manufacturing, export and product-development hub for the group - some would

say THE strategic hub; and 2) we believe the new CEO’s initial agenda appears to James Mulholland, CFA

be less about completely resetting BMW’s strategy and more accelerating Research Associate

execution on flexibility, cost and regional resilience.The Investor day should help Wei Huang

reframe BMW’s US exposure from a tariff risk into a strategic advantage and this Research Associate