BMW has posted first quarter earnings before tax of €2,348 million – some 24.6% down on the same quarter of last year. Earnings were hit by tariffs in the US and soft demand in China. Analysts were nevertheless relatively upbeat over the results as BMW said it expects overall deliveries for 2026 to be on a par with 2025. Tariffs and slow sales in China are continuing to impact the company, but sales and orders in Europe emerging as a significant positive for the company.
BMW Group revenue fell 8.1% to €31.0 billion in Q1, while the EBIT margin in the core automotive line was above expectations at 5.0% (versus 6.9% in Q1 2025).
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For the year as a whole, BMW expects a lower additional impact from tariffs and that the global automotive market will see a ‘slight decrease’.
“During the first three months on the year, we received more orders in Europe than in any other quarter in the company’s history. The key to our success lies in our broad product range: with our strong brands, we serve key segments and allow customers to select from the full range of drivetrains,” said Oliver Zipse, Chairman of the Board of Management of BMW AG.
“The successful launch of the BMW iX3 and the positive feedback on the BMW i3 confirm that we made the right decisions with the Neue Klasse. Every future BMW model will feature the new technology clusters and use the new design language – regardless of drivetrain. Thus, we are elevating our product portfolio to a whole new level.”
The BMW Group’s vehicle deliveries increased by 3.1% across all drivetrains in Europe, its largest sales region. Battery‑electric vehicles accounted for 25.3% of all sales in Europe (global: 15.5%). BMW said it remains confident that it will meet the EU (27 + 2) CO2 targets for 2026.
In the Americas sales region sales were down by 4.0%. BMW said the decline in deliveries of all-electric BMW automobiles was largely offset by increased deliveries of vehicles with combustion engines. In China, where the total market contracted sharply by 17.5%, BMW Group deliveries were down by 10% in Q1.
