Autoindustrie: Profitkrise der Premiumhersteller: Hyundai zieht an BMW und Mercedes vorbei
Die Verbrenner-Abhängigkeit in China wird BMW und Mercedes zum Verhängnis. Nur noch in einem Markt schlagen sich die Hersteller besser als die Konkurrenz, wie eine Handelsblatt-Analyse zeigt.
German premium car manufacturers BMW, Mercedes-Benz, and Volkswagen have been among the biggest losers in the automotive industry this year, struggling with a profitability crisis. The profit margins in the passenger car core business of BMW and Mercedes fell to levels lower than mass-market carmakers in the first half of the year, according to a Handelsblatt analysis of current balance sheets.
Mercedes' EBIT margin in its passenger car division in the first half of the year was only 1.9%, down from 14.3% in the same period three years ago. BMW's margin stood at 3.6%, while Volkswagen's was 4.1%. Foreign volume manufacturers like General Motors from the United States and South Korean competitor Hyundai-Kia also outperformed with 3.8% and 5.4% margins, respectively.
The crisis has hit German manufacturing hard, with German manufacturers suffering more losses than their competitors in China. The market downturn in China, aggravated by the COVID-19 pandemic, is largely responsible for the decline. German carmakers have been overly dependent on the Chinese market, yet generate few profits from their electric vehicles in the largest electric car market globally.
Their market share in China's electric vehicle business is negligible: Mercedes with 0.2%, BMW with 0.4%, and Volkswagen with 0.6%.
To mitigate the crisis, German manufacturers are resorting to restructuring, with BMW planning to cut 8000 jobs worldwide, Mercedes having laid off around 5500 employees through a voluntary program, and Volkswagen potentially cutting 100,000 jobs globally. The future of four plants in Germany remains uncertain. BMW and Mercedes have warned of lower profits this year, while Volkswagen has revised its sales forecasts.
Localizing production for the Chinese market to compete with volume manufacturers is proving difficult for premium carmakers due to their smaller market share in China. VW's premium subsidiary Audi is attempting to localize production for the Chinese market, but analysts believe this is challenging due to Mercedes and BMW's smaller market presence in the country.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
