Pole Position: UBS European & US Autos Daily

研报英文原文证据摘录

Pole Position: UBS European & US Autos Daily

BMW unveils new X5, available as BEV, PHEV & ICE

BMW launched the new generation of its flagship X5 SUV in Spartanburg yesterday. The

model will be available in all powertrain variants; even a fuel cell-based version will be

available later (2028). The BEV version sets new benchmarks for BMW and the industry:

141kWh net battery capacity, 845km WLTP range and up to 460kW DC charging. The

design, infotainment and ADAS stack are similar to the first “Neue Klasse” vehicle, the

iX3, but the X5 also features a passenger screen. Production will start in August 2026,

with first deliveries to customers expected around end of the year. Pricing starts at

€95,750 (Germany, incl. VAT) for the smallest ICE powertrain (X5 40d); BEV pricing will

follow later but we would expect BMW to price in line with higher-performing ICE

variants.

Our view: The X5 is one of BMW’s most important profit contributors, and this is the

first Neue Klasse vehicle to be available in all powertrain variants. We think specs appear

best in class for non-Chinese OEMs; some Chinese models offer even slightly faster

charging (provided the infrastructure supports it) but the BMW wins on range and

efficiency. However, price tags of similar-sized Chinese BEV SUVs are meaningfully

lower; we would also expect the China-localised X5 will have substantially lower price

tags (tba). X5 will be a key model (next to iX3 and 3-series) to scale the Neue Klasse tech

stack, which should bring substantial savings and drive BEV/ICE margin parity for BMW.

We think product (Neue Klasse) remains a positive driver for BMW’s top line & auto EBIT

in 2027 as more models ramp up globally; however, our estimates do not factor in a

recovery in China. This puts BMW shares on ~6x P/E for 2027E.