Live from Spartanburg: US Investor Day

Research evidence excerpt

Live from Spartanburg: US Investor Day

Update

June 30, 2026 06:18 PM GMT

Morgan Stanley Europe S.E., Madrid Branch+MBMW | Europe Javier Martinez de Olcoz Cerdan

Equity Analyst

Live from Spartanburg: US Javier.Martinez.Olcoz@morganstanley.comMorgan Stanley & Co. International plc+ +34 9141-81289

Shaqeal A Kirunda

Equity AnalystInvestor Day Shaqeal.Kirunda@morganstanley.com +44 20 7425-0736

Matias Rodriguez Florez-Estrada

We joined new CEO and management for a product and strategy Research Associate

update, X5 launch and a visit to Spartanburg, the largest BMW Matias.Rodriguez@morganstanley.com +44 20 7425-1091

plant globally, building up expectations around the Neue Klasse BMW (BMWG.DE, BMW GY)

ongoing launches. The margin bar has been set quite low; more Autos & Shared Mobility | Germany

Stock Rating Overweight

guidance on the recovery path in September CMD. Industry View In-Line

Price target €91.00

Shr price, close (Jun 30, 2026) €57.26

Key Takeaways 52-Week Range €97.92-57.26

Mkt cap, curr (mn) €34,764

US will continue to be a key market for BMW Net debt (12/26e) (mn)* €(11,255)

EV, curr (mn)* €25,105

BMW need to improve capacity utilization in China: situation still concerning

* = GAAP or approximated based on GAAP

locally, also impacting Asia markets

No guidance update; the message on shareholder returns has not changed

Exhibit 1 : BMW's guidance in perspective

2026e

US a key market for BMW. BMW sells 418k units in US, with a strong local BMW - Guidance 2025 Updated Guidance Cons.

manufacturing base, generating 120k jobs locally and exporting ~50% of local Units

Cars Units k units 2,464 Slight decrease 2,422

production. Out of those sales, 17% EVs, 11% BEVs (far below EU 41% and 26%), and EBIT Mg

very strong "M" share (19% volume share vs 10% globally).