Bmw and Mercedes collapse in China, share of local manufacturers over 63%
In the third quarter the Helix brand and Mini almost -30%, the Stuttgart-based company -13%. For S&P Global Ratings slow economic recovery will not help
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In China's car market, the world's largest, where the economic situation is weakening demand even in the high-end segments, Western brands are falling and local brands are rapidly gaining ground. According to data from global consultancy Oliver Wyman, between January and July, Chinese manufacturers saw sales increase by 20% (out of a total of 14 million passenger vehicles), compared to declines of 10.8% for the Germans (2.6 million) and 25.1% for the Americans (1.1 million, including Tesla). Among the oriental countries, the Japanese lost conspicuously (-18.3%, 1.9 million) while the Koreans gained (+11.2%). Total: the Chinese dominate with an overall share of 63.3% compared to 15.9% for the Made in Germany.
The slump is even more pronounced for Bmw and Mercedes-Benz Group in light of the third quarter figures.
Bm>Bmw and Mini brand deliveries fell by almost 30% to 148,000 units, the steepest decline in three years and far greater than the 5% drop in the first two quarters. Sales of Mercedes fell 13% over the period, to 170,700, as consumers restricted purchases of expensive models such as the S-Class and Maybach sedans.
These developments, along with the slowing growth of electric vehicles in Europe, have contributed to the recent profit warnings from both the Munich-based company and the Stuttgart-based company. Manufacturers could also suffer from escalating trade tensions: Beijing has stated that it is considering increasing duties on imported large motor vehicles, after the European Union voted last week to impose duties of up to 45% on electric vehicles produced in China.
For Western manufacturers, however, the outlook in the Chinese market does not seem optimal. A report byS&P Global Ratings, published yesterday, argues that weak consumer sentiment prevails in China, despite the incentive programme for scrapping old cars introduced by the government in April 2024 and reinforced in July. "Assuming a moderate rebound in the fourth quarter of 2024, with the incentive programme gradually coming into effect, annual sales growth will be in the range of 0% to 2% at most, down from the 2%-4% previously forecast."
