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– Check against delivery –

 

Ladies and Gentlemen,

Good morning.

 

For the BMW Group, several key strengths have long formed the
foundation of our strategic course: our global footprint, our
technology-neutral approach, our premium multi-brand strategy and
broad portfolio across all relevant customer segments, and our ability
to identify the potential of new technologies and bring them to road
in each major region. These strengths give us flexibility and make us
resilient, and we are benefiting from them now.

 

As a global company with global brands, we are used to dealing with
varied conditions and unpredictability on the ground in each market.

We recognize the current dynamics in the automotive industry: major
transitions in innovation, operating with a global supply chain, a
shifting geopolitical framework with trade impacts such as tariffs, as
well as a rapidly evolving market in China – to name but a few.

 

We remain focused on our long-term trajectory, while using our
flexibility to adapt to the changing dynamics and are tackling them
head on. This is what has always set the BMW Group apart.

 

Our business remains on track and healthy. As Walter just shared,
this is underscored by our Group EBT result over the first nine months
– demonstrating the performance of the entire business including our
sales development.

 

Despite the challenging market dynamics in China, our overall global
sales posted year-on-year growth of 8.7% in the third quarter;
excluding China, it was 12.2%. Through September, sales in Europe were
up 8.6% compared to 2024, while sales in the United States grew by
9.5%. These strong results helped compensate for the development in China.

 

Electrified vehicles and M vehicles both drove global growth. With
our technology-open approach and multiple premium brands, customers
find products that fit their wide range of needs and tastes.

 

In the coming months, we will take this to the next level with the
introduction of the NEUE KLASSE. Just two months ago at the IAA
Mobility here in Munich, we unveiled the BMW iX3*, the first vehicle
of our NEUE KLASSE. The response was tremendous – from visitors and
fans from across the globe, media, analysts, and political
stakeholders. A few weeks later we celebrated the official opening of
our new plant in Debrecen, where production of the iX3 is underway.

 

We have started taking customer orders for the car, which have
exceeded our expectations. Just looking at Europe, we see orders
already extend several months into 2026 already. This confirms an
exceptionally positive start for the vehicle.

 

The NEUE KLASSE is BMW at its best. And starting with the iX3, it
will set new benchmarks: from its performance data and revolutionary
digital interface to its sustainability approach.

 

The BMW iX3 offers a range of more than 800 kilometers in the WLTP
cycle. Thanks to its ultra-fast charging capability, the peak charging
power is up to 400 kilowatts. That means: in just 10 minutes, the iX3
can charge enough to drive more than 370 kilometers.

 

The fully immersive digital experience will bring UI / UX to a whole
new level. With the BMW Panoramic iDrive, drivers can intuitively keep
their eyes on the road while all necessary information is perfectly in view.

With the BMW iX3, we will also introduce a new generation of driver
assistance systems. The BMW Group is the first car manufacturer in
Germany to receive approval for assistance systems in accordance with
UN Regulation for Driver Control Assistance Systems (DCAS).

The approval enables the BMW Group to offer the Motorway Assistant
with Level 2 “hands-off” function in numerous other models and
countries in the future. This also covers an extended range of
functions. More innovative assistance functions for urban driving will follow.

 

In terms of sustainability, the iX3 is explicitly focused on
conserving resources and reducing the model’s environmental footprint
– throughout the supply chain, production, use phase and recycling. In
line with the principles of design for circularity, the iX3 is made up
of one-third secondary raw materials.

 

Moreover, Plant Debrecen is the first BMW Group car factory that
operates and produces vehicles without using fossil fuels, such as oil
and gas, under normal operating conditions.

 

Overall, the iX3 is a perfect example of our strategy of reducing CO₂
wherever we have leverage. This will help us reach our near-term
target to reduce our carbon footprint by at least 40 million tonnes
CO₂ by 2030. Since 2020, we have been fully committed to the Paris
Climate Agreement, with a target of achieving net zero by 2050.

 

The next NEUE KLASSE model, which we teased at the IAA, is preparing
for launch: the new BMW i3. With the eighth generation of the 3
Series, we will bring the NEUE KLASSE and its technology clusters into
the core of the BMW brand. Production of the i3 will get underway at
our main plant in Munich in the second half of next year. Other
locations in our international production network will follow with
production of 3 Series variants.

 

Throughout 2026, we will show how the NEUE KLASSE technologies will
be integrated into further models, such as the 7 Series and the X5. By
2027, we will put 40 new models and model updates with NEUE KLASSE
technology and design language on the road worldwide.

 

This all-new BMW generation will provide an enormous boost to our
already broad and popular portfolio – with technology solutions
tailored to customers in their markets.

 

This applies especially to China. The NEUE KLASSE products we will
launch in China are developed together with our local engineering
teams and Chinese partners – in the market, for the market. Our NEUE
KLASSE architecture allows to integrate local tech stacks from leading
Chinese tech players into our own ecosystem. This gives consumers
access to innovations and features they are used to, including
solutions from Alibaba Banma, DeepSeek, and Momenta.

 

With the NEUE KLASSE, we are again demonstrating our strength in
mastering system complexity, integration and efficiency. We know what
our customers want and identify trends in individual markets early.
The result are products that perfectly integrate the best technologies
– both in house and with partners – across regions to offer the best
product substance to our customers.

 

What makes the NEUE KLASSE so unique, is that we are rolling out the
technology clusters across the entire portfolio – regardless of the drivetrain.

 

Our technology-neutral approach continues to show its success and
allows broad market access as consumer preferences shift. At the same
time, we are making progress in decarbonization in the here and now.
After nine months into 2025, Group sales of all-electric vehicles are
up by 10%, resulting in a BEV share of 18%. PHEVs grew nearly 28%
year-on-year, delivering an overall electrified share through
September of 26.2% globally.

 

Europe showed particularly strong growth – with BEVs reaching over a
quarter of total sales, while BEV and PHEV sales combined for an
impressive 41% share. Europe will also be the primary driver of our
BMW iX3 sales in 2026.

 

Thanks to this solid result, we are well on course to reach our CO₂
fleet target for the year, just as we have consistently done for the
past several years. For us, it has long been clear that we would meet
the targets for 2025 – and, importantly, without penalties, pooling,
or averaging.

 

This success with our technology-neutral strategy also gives our
voice weight in the ongoing discussion regarding the EU’s targets.

We have reached our climate targets by following market demand and
customer needs and by continually optimizing all drivetrain variants.

 

It remains critical for Europe to revisit the targets for 2030 and 2035.

Setting an end date to a specific, successful technology will lead to
a massive shrinking of the industry as a whole. It will harm European
industry and also create dependencies that are unwise in the current
geopolitical dynamic.

 

To achieve climate goals and create effective CO₂ regulations, we
must take a comprehensive view – one that accounts for the full carbon
footprint of the vehicle and its value chain, and that also values
climate-neutral fuels such as HVO100. Such a holistic framework would
reflect various market needs and uneven infrastructure development,
while safeguarding Europe’s value chains, jobs, and industrial
strengths. And – above all – it delivers genuine climate protection
and real reductions in CO₂.

 

Companies should be free to deliver the solutions, taking customer
demands and needs into account, while adequately investing in new
paths and technologies to achieve the EU’s climate goals.

 

In this context, the BMW Group is very skeptical about the EU’s
planned “Greening the Fleets” regulation, as it does not consider
current market realities. Commercial fleets rely on high vehicle
availability with high mileages. The currently inadequate charging and
hydrogen refueling infrastructure will not be guaranteed in all member
states by 2030 either. Further fleet mandates and additional
regulations that exclude individual technologies are not necessary to
achieve the CO₂ targets. Moreover, they hinder technological
development and introduce harmful market distortions contrary to
customer preferences. Here also, we advocate for a holistic and
technology-neutral approach.

 

Ladies and Gentlemen,

 

We are tackling the challenges in global markets head on, leveraging
our strengths and implementing our long-term strategy. We have made
significant investments and have created the right operating framework
to deliver. Our flexible, global network, our tech-open strategy, our
focus on innovation and our ability to master technological complexity
set us apart.

 

Over the coming months, we will deliver as promised. Starting with
the iX3, we will rapidly deploy our ambitious strategy one vehicle at
a time around the globe. We will continue to lead with product
substance and solutions that meet our customers’ needs.

 

We therefore remain optimistic as we close out 2025 and move forward
to 2026.

 

Thank you.