China Retail Chartbook Jun-26: Broad-based volume decline, pricing more resilient; BMW M outperforms

Research evidence excerpt

China Retail Chartbook Jun-26: Broad-based volume decline, pricing more resilient; BMW M outperforms

Equity Research

24 July 2026 | 5:23AM BST

EUROPE AUTOMOBILES

China Retail Chartbook Jun-26: Broad-based volume decline, pricing

more resilient; BMW M outperforms

This series tracks the retail volume and average transaction price (ATP) of Christian Frenes

+44(20)7051-8641 |

domestically produced and imported vehicles from Germany’s premium and christian.frenes@gs.com

Goldman Sachs International

luxury OEMs in China - Mercedes, BMW and Porsche - complementing our China

Monika Mengting Liu, CFARetail Volume Dashboard (Jun-26), which covers domestically produced vehicles +44(20)7051-7601 | monika.liu@gs.com

only. China’s vehicle import market has been shrinking at c.-11% CAGR since 2019 as Goldman Sachs International

Shivam Kotechaforeign OEMs deepen localisation and domestic premium challengers gain ground. +1(332)245-7822 |

Yet imported models still command far higher ATPs and margins than JV products. shivam.kotecha@gs.comGoldman Sachs India SPL

Robert Triulzin Mercedes sold 24,800 units through JV (R1/3/6/12M +44(20)7552-2281 |

-41.8%/-32.8%/-31.2%/-28.3%) and 6,869 imported vehicles (R1/3/6/12M robert.triulzi@gs.comGoldman Sachs International

-17.9%/-22.3%/-24.1%/-25.0%) in Jun-26, of which Top-End Vehicles (TEV)

accounted for 2,779 units, -27.6% yoy. The ATP of import declined to ¥908k,

-11.6% yoy (o/w TEV at ¥1.4mn, -12.6% yoy), while JV ATP came in at ¥298k,

-7.8% yoy.

o The S-Class sold 1,059 units in Jun-26, -38.8% yoy, with more than half

being the Maybach version, though the Maybach’s transaction price fell

sharply during the month. Its local competitor, the Maextro S800,

recorded 593 units in Jun-26, a marked step-down from its earlier peak of

over 4k units.