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BMW's earnings per share plummeted to €0.63 from €4.21 year-on-year, with revenue down 15.74% to €32.41 billion, reflecting ongoing challenges in the automotive sector. The company's stock has also seen a significant decline, trading at €67.26, well below its 52-week high of €115.35. Despite these setbacks, analysts maintain a positive outlook, with Bernstein Research rating BMW as "Outperform" and setting a target price of €86.
Northvolt AB, once a symbol of Europe's electric vehicle ambitions, faced a collapse after BMW AG canceled a multi-billion order in June. This decision marked the beginning of a downward spiral, leading to a Chapter 11 filing less than six months later as the German automotive industry struggled, resulting in dwindling orders for the startup.
The Australian EV market is experiencing a paradox with new electric vehicle launches coinciding with declining sales, attributed to high inflation and consumer hesitation. Despite a surge in sales for the MG4, overall BEV penetration has dropped to 6.8%, while New Zealand mirrors this trend with stable penetration rates and lingering inventory issues. As over 40 new EVs are expected by 2026, the market anticipates a pivotal shift in consumer sentiment and sales dynamics.
BMW AG reported a significant drop in its auto-making profit margin, which fell to 2.3% in the third quarter, the lowest level in over four years. This decline is attributed to a costly recall and weak demand in China, falling short of the company's 2024 target of at least 6%.
Mercedes-Benz Group AG is facing declining sales and profits as the luxury automotive market feels pressure from Chinese manufacturers like BYD Co. These companies are redefining "Made in China" as a symbol of luxury in the electric vehicle sector, challenging established brands in Europe and beyond.
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