Overview

• BMW reported 588,300 vehicles delivered in Q3, up about 9%, compared with 525,300 at Mercedes, which fell roughly 12%.
• Two hours after releasing its sales data, BMW warned pretax profit will come in slightly below last year and lowered its free‑cash‑flow guidance.
• BMW cited weaker-than-expected demand in China, planned financial support for dealers there, and customs refunds now expected in 2026 as key drags.
• Regional trends diverged as BMW’s U.S. deliveries rose about 25% while Mercedes fell 17%, and in China Mercedes dropped about 27% as BMW was roughly flat.
• BMW’s BEV deliveries slipped 0.6% to 102,900 while Mercedes sold 42,600 BEVs, roughly unchanged year over year, with Mercedes’ top-end models up 10% even as vans declined; BMW’s year-ago baseline was depressed by a supplier-related delivery freeze.