Bayerische Motoren Werke Aktiengesellschaft (BAMXF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Dear colleagues, ladies and gentlemen, good morning and welcome to the telephone conference of the BMW Group for the third quarter. Today we have here, as always, Oliver Zipse, Chairman of the Board of Management and our CFO, Walter Mertl. First, Walter will take you through our financial results. Oliver will then give you a general business update for the BMW Group. After a short break, we will then have time for our Q&A session. And now, Walter, please go ahead. Thank you, Max. Good morning, ladies and gentlemen. In the third quarter of 2025, the BMW Group continued its strategic course and maintained its global market position. But before we dive into the details of the quarter, I would like to directly address our communication from October 7th. You all know the BMW Group as an ambitious company. We have always focused on identifying opportunities and realizing market potential, and our success demonstrates that this is the right approach. In 2025, despite all known challenges, we were confident in the fundamental potential of the Chinese market. Our planning scenario was fully confirmed during the first six months. with a performance on the level of the second half of 2024. For the second half of this year, we assumed we would see growth momentum. However, at the beginning of the fourth quarter, we observed that this momentum had not materialized to date. So, for the remainder of 2025, volume stabilization rather than volume growth now appears likely. Accordingly, We have adjusted our planning and now anticipate a consistent monthly run rate in China in line with the first half of 2025. In addition, we have introduced measures to support the profitability and liquidity of our dealers in China. The measures will also have an impact on our Q4 profitability. The co...