Q2 2025 Bayerische Motoren Werke AG Earnings Call Transcript
Key Points
- Bayerische Motoren Werke AG (BAMXF) has a strong product portfolio across all segments, including a mix of combustion engines and electric vehicles, which is contributing to growing market share in Europe.
- The company is optimistic about the market success of the iX3, which is expected to set a new benchmark in the industry upon its launch.
- Bayerische Motoren Werke AG (BAMXF) is experiencing strong performance in Europe and America, which is compensating for some losses in China.
- The company is maintaining its full-year guidance, with a focus on achieving a EUR5 billion free cash flow, supported by a consistent approach to cost management.
- Rolls-Royce, a brand under Bayerische Motoren Werke AG (BAMXF), continues to perform well with high revenue per car and strong bespoke sales, leading to expansion at the Goodwood site.
- Tariff impacts are expected to continue affecting the company's financials, with a 1.25% impact for the full year.
- The company is facing challenges in China, with volume pressures due to market dynamics and restructuring of the dealer network.
- There is uncertainty regarding the future impact of tariffs and trade agreements between the EU and the US, which could affect the company's operations.
- The Chinese market remains highly competitive and dynamic, with a low profitability level, posing challenges for non-Chinese manufacturers like Bayerische Motoren Werke AG (BAMXF).
- The company is undergoing dealer rationalization in China, which may temporarily affect volumes and market performance.
Welcome back to our quarterly earnings call. Oliver Zipse and Walter Mertl are also back in the room with me. The line will be open shortly for your questions. The operator will first give you some technical instructions, please?
Questions & Answers
(Operator Instructions) Patrick Hummel, UBS.
Two questions for Walter, please, and Oliver, no offense, but we just met in Munich for the strategic question. So I'll focus on two financial ones, if you don't mind.
First, regarding the tariff impact, thanks for the quantification. I think the 200 basis points in the second quarter impact, that's clear. If I apply simple math, 150 basis points in the first half and 125 for the full year, that suggests about 100 basis points for the second half.
So I'm just wondering if you would say this 100 basis points run rate for the second half for tariffs should be also a good indication for how
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