BMW (BMWG.DE) 15th German Corporate Conference — Key Takeaways

Equity Research 22 September 2026 | 4:14PM BST

BMW (BMWG.DE): 15th German Corporate Conference — Key Takeaways

Christian Frenes | Goldman Sachs International

Monika Mengting Liu, CFA | Goldman Sachs International

Presenters: We hosted BMW’s Stefan Richmann (Senior Vice President Finance & Shivam Kotecha | Group) and IR team members Holger Fuetterer and Andreas Stoeffler at our 15th Goldman Sachs India SPL German Corporate Conference in Munich. Robert Triulzi | Bottom Line: China dominated both the fireside chat and group meetings. BMW’s Goldman Sachs International c.-20% YTD China volume decline was rather an ICE mix problem, and the November iX3 LWB launch, followed by the i3 LWB in 1Q27 and iX5 thereafter, gives BMW its first competitive entry into the more resilient BEV segment. Neue Klasse economics look encouraging in Europe, with ICE/BEV margin parity in key markets and a record >100k iX3 order book extending into 1Q/2Q27. FY26 earnings power remains burdened by a >€1bn FX/raw-material headwind and a 4Q non-cash restructuring provision. The tone on the buyback stayed confident, emphasising that BMW has accelerated its buyback program, supported by balance sheet strength. We are incrementally more constructive on the product cycle, but look to the 29-30 September CMD to quantify the restructuring scope, lay out a credible mid-term margin target and flesh out new-business growth opportunities such as humanoid robotics.

New product push should help stabilise BMW’s performance in the Chinese market - China dominated both the fireside chat and group meetings. BMW’s China volumes fell c.-20% YTD yoy (see recent company snapshot), broadly in line with the market, but the drag was almost entirely ICE (overall ICE segment -30% YTD yoy), which still accounts for the overwhelming majority of BMW’s China mix (BEV was only c.3% of China sales ahead of the iX3 launch). With the all-new iX3 (long-wheelbase, Chinese tech stack) launching in November, the i3 LWB following in 1Q27 and iX5 thereafter, BMW expects to tap the more resilient NEV segment where it has been under-represented, and is confident of maintaining the market position. Early feedback on the iX3 LWB was described as very positive and on par with local competition, targeting one of China’s strongest mid-size SUV segments. The dealer

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network adjustment was completed in March, ahead of schedule (outlets reduced by c.20% to c.500 stores), and management reiterated that the JV remains profitable.

Regional pricing difference holding so far - The iX3 LWB is priced competitively in China at a RMB 270k starting point, and the obvious investor concern is read-across. Management pushed back that BMW has run differentiated regional pricing for decades, the China price point reflects local production (and still carries a premium to local competition), and it sees no mechanism for convergence across regions. Within China, BMW has deliberately narrowed the gap between list and transaction prices, cutting headline discounting in favour of a more credible list price to draw traffic into showrooms.

Neue Klasse economics validated in Europe by record order book and ICE/BEV margin parity in key markets -The strength in Europe seems comparably under-appreciated: iX3 ICE and BEV are described as being at margin parity in key European markets, providing evidence for the Neue Klasse architecture’s costs with the Gen6 batteries. The European iX3 order book is a record >100k units, its strongest ever for any model at this stage, with Debrecen ramping ahead of plan and now running three shifts. Order lead times already extend well into 1Q/2Q27. On cost inflation, management…