European OEMs in China Jun-26: European premium loss widens amid German product lull

Research evidence excerpt

European OEMs in China Jun-26: European premium loss widens amid German product lull

Equity Research

10 July 2026 | 5:07AM BST

EUROPEAN OEMS IN CHINA

European OEMs in China Jun-26: European premium loss widens amid

German product lull

In June, a wave of domestic product launches extended domestic share gains, while Christian Frenes

+44(20)7051-8641 |

European premium slipped further amid a German OEM product transition lull. In christian.frenes@gs.com

Goldman Sachs International

this series, we track the monthly market share change of c.90 of the c.100 active

Monika Mengting Liu, CFAbrands in China, accounting for over 90% of the market retail volume. +44(20)7051-7601 | monika.liu@gs.com

n Premium segment - European premium is defending share better than mass Shivam Kotecha

+1(332)245-7822 |

peers, but the loss is widening. Mercedes Cars share fell -49/-27bps R1M/R3M shivam.kotecha@gs.com

Goldman Sachs India SPL

yoy, BMW brand -29/-21bps, while Audi (-39/-3bps) and Volvo (-14/-9bps)

Robert Triulzi

held up more resiliently. Audi was lifted by the new AUDI E7X, which launched in +44(20)7552-2281 |

robert.triulzi@gs.com

May and became the brand’s 3rd best-selling nameplate by June, and Volvo’s Goldman Sachs International

locally developed XC70 PHEV remains its top-selling model. In contrast,

Mercedes and BMW are caught in a product transition lull, leaving them heavily

reliant on legacy ICE offerings, in our view. Combined, the four European

premium brands’ share changed by -131/-60bps.

o Domestic premium expanding into European price bands - The China

Tech & Premium cohort (definition Exhibit 4) gained +354/+337bps, driven

by key product launches such as the Xpeng GX EREV and Zeekr 007 GT EV

in June. All brands gained share last month (except Aito), led by Xiaomi