German Automakers Face Continued China Earnings Risk -- Market Talk

Dow Jones

2025/12/03

0928 GMT - German carmakers' China earnings remain under pressure, Citi analysts write. With significant China overcapacity, dynamic new model and technology cycles, and low supply chain costs, Chinese manufacturers have undercut EU counterparts and led to sharp falls in European brands' market share and profitability in China. If their China EBIT falls to zero, BMW and Mercedes-Benz have the biggest downside risk to group EBIT in 2026, followed by Volkswagen. Volkswagen can now develop, test, and locally manufacture cars in China. It will soon launch new VW branded cars there which were developed in-country at 40%-50% lower cost than existing models. It is looking at supplying these VWs in Southeast Asia and Middle East markets. "Can VW become a China automotive cost winner, rather than loser?," Citi asks. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

December 03, 2025 04:29 ET (09:29 GMT)

应版权方要求，你需要登录查看该内容

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2588407014"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2588407014\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2588407014?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-12-03 17:29","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2588407014","market":"nz","top_or_hot":-1,"title":"German Automakers Face Continued China Earnings Risk -- Market Talk","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0928 GMT - German carmakers' China earnings remain under pressure, Citi analysts write. With significant China overcapacity, dynamic new model and technology cycles, and low supply chain costs, Chinese manufacturers have undercut EU counterparts and led to sharp falls in European brands' market share and profitability in China. If their China EBIT falls to zero, BMW and Mercedes-Benz have the biggest downside risk to group EBIT in 2026, followed by Volkswagen. Volkswagen can now develop, test, and locally manufacture cars in China. It will soon launch new VW branded cars there which were developed in-country at 40%-50% lower cost than existing models. It is looking at supplying these VWs in Southeast Asia and Middle East markets. \"Can VW become a China automotive cost winner, rather than loser?,\" Citi asks. (dominic.chopping@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 03, 2025 04:29 ET (09:29 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>German Automakers Face Continued China Earnings Risk -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGerman Automakers Face Continued China Earnings Risk -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-12-03 17:29</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0928 GMT - German carmakers' China earnings remain under pressure, Citi analysts write. With significant China overcapacity, dynamic new model and technology cycles, and low supply chain costs, Chinese manufacturers have undercut EU counterparts and led to sharp falls in European brands' market share and profitability in China. If their China EBIT falls to zero, BMW and Mercedes-Benz have the biggest downside risk to group EBIT in 2026, followed by Volkswagen. Volkswagen can now develop, test, and locally manufacture cars in China. It will soon launch new VW branded cars there which were developed in-country at 40%-50% lower cost than existing models. It is looking at supplying these VWs in Southeast Asia and Middle East markets. \"Can VW become a China automotive cost winner, rather than loser?,\" Citi asks. (dominic.chopping@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 03, 2025 04:29 ET (09:29 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MBGYY","symbol_name":"Mercedes Benz Group AG","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2588407014","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2588407014","pubTimestamp":1764754140,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0928 GMT - German carmakers' China earnings remain under pressure, Citi analysts write. With significant China overcapacity, dynamic new model and technology cycles, and low supply chain costs, Chinese manufacturers have undercut EU counterparts and led to sharp falls in European brands' market share and profitability in China. If their China EBIT falls to zero, BMW and Mercedes-Benz have the biggest downside risk to group EBIT in 2026, followed by Volkswagen. Volkswagen can now develop, test, and locally manufacture cars in China. It will soon launch new VW branded cars there which were developed in-country at 40%-50% lower cost than existing models. It is looking at supplying these VWs in Southeast Asia and Middle East markets. \"Can VW become a China automotive cost winner, rather than loser?","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"MBGYY":"Mercedes Benz Group AG","VWAPY":"Volkswagen AG","BK4099":"汽车制造商"},"translate_title":"德国汽车制造商面临持续的中国盈利风险——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MBGYY":0.9,"VWAPY":0.9},"content_text":"0928 GMT - German carmakers' China earnings remain under pressure, Citi analysts write. With significant China overcapacity, dynamic new model and technology cycles, and low supply chain costs, Chinese manufacturers have undercut EU counterparts and led to sharp falls in European brands' market share and profitability in China. If their China EBIT falls to zero, BMW and Mercedes-Benz have the biggest downside risk to group EBIT in 2026, followed by Volkswagen. Volkswagen can now develop, test, and locally manufacture cars in China. It will soon launch new VW branded cars there which were developed in-country at 40%-50% lower cost than existing models. It is looking at supplying these VWs in Southeast Asia and Middle East markets. \"Can VW become a China automotive cost winner, rather than loser?,\" Citi asks. (dominic.chopping@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 03, 2025 04:29 ET (09:29 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}