Equity Snap: BMW (BMW GR) Catching up with the company

研报英文原文证据摘录

Equity Snap: BMW (BMW GR) Catching up with the company

8 June 2026

Equity Snap: BMW (BMW GR) Equities Automobiles

Catching up with the company Germany

◆ Neue Klasse reception strong, China battling weaker market, Michael Tyndall*, CFA

costs protected from raw material inflation – for now Senior Global Autos Analyst HSBC Bank plc

michael.tyndall@hsbc.com

+44 20 3359 6301

BMW (BMW GR, EUR70.38, Hold, TP EUR79.00)

Pushkar Tendolkar*

(Priced as of 05 Jun 2026) Global Autos Analyst

HSBC Securities and Capital Markets (India) Private

China Limited

◆ CFO mentioned at Q1 results that China development was in line with expectations, pushkarnarendratendolkar@hsbc.co.in +91 80 4555 2752

at that point. Overall market weaker than expected in April and CPCA has revised

Alice Martin*

down its 2026 forecast from flat to -7.6%. BMW expects to outperform the market. Global Autos Analyst

HSBC Bank plc

◆ BMW unable to keep up with 50k per month run rate. Now expects volumes to be alice.martin@hsbc.com

+44 20 7992 0175

down “moderately” (ie: 5.5-9.9%). Focus is balancing price, volume and profitability.

◆ BMW didn’t support dealers in Q1; it has completed dealer consolidation (16-17% * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

reduction) ahead of time.

◆ Product impulse for BMW China is limited in 2026; iX3L SoP @ end of year, X5

launch later in the year (SoP not yet communicated).

Tariffs

◆ 2026 guidance is 1.25pp impact on Auto EBIT margin. Q1 was at this level. The

guidance assumes:

◆ US→EU tariff rate to go down to 0% (from 10% currently) in H2, leading to EUR

three-digit million in savings (pending approval of EU-US trade deal by EU

Parliament). Also assume USMCA more favourable in H2.