BMW: US site visits and the first sit down with new CEO Milan Nedeljković

研报英文原文证据摘录

BMW: US site visits and the first sit down with new CEO Milan Nedeljković

NSTEIN FLASHMAIL

2 July 2026

Stephen Reitman

+44 20 7762 5535

European Automobiles & Components stephen.reitman@bernsteinsg.com

Bayerische Motoren Werke AG Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Outperform Harry Martin, CFA

Price Target +44 20 7676 8965

harry.martin@bernsteinsg.com

BMW.GR 85.00 EUR

Gali Salvatorelli Naraghi

+44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

BMW: US site visits and the first sit down with new CEO Milan

Nedeljković

BMW hosted investors and analysts at its Spartanburg (vehicle manufacturing) and Woodruff (battery assembly) sites in South

Carolina between 29 June and 1 July, just as BMW was launching its brand-new X5 and electric iX5; these vehicles utilize many

of the technology clusters that have already debuted on the brand new iX3 SUV and i3 sedan to strong acclaim and market

demand in Europe.

As well as being a welcome opportunity to revisit BMW’s largest vehicle production facility worldwide and take the

temperature on BMW’s operations in the USA (verdict: extremely healthy with BMW brand sales up 13.7% yoy in June

2026 and +4.7% yoy in 1H26 against an overall market decline of -2.5% in the same period), we also had the chance to sit

down with BMW’s new CEO Milan Nedeljković, some two weeks later than originally planned after BMW had at short notice

postponed a scheduled 12 June introductory meeting with sell-side analysts in London. A straw poll of the investors present

at this US event vouchsafed our view that Milan Nedeljković had made a good first impression, presenting a sober and realistic

assessment of the challenges that BMW faces.