Mercedes is showing credible product progress in Europe, but Q2 did not offer evidence that this progress is translating into stronger pricing or profitability. New BEVs are gaining traction there as Mercedes reintegrates software and electrification with recognizable brand virtues. Pricing, mix, and margins in the Mercedes-Benz passenger-car
BMW’s product story is strengthening, but its margin story is deteriorating, with China the largest source of the gap. BMW’s technology-open strategy has preserved a coherent, desirable lineup through the first phase of the EV transition, while Neue Klasse offers a credible path to advance both its
Tesla is trying to turn the scale and capabilities built through cars into something larger: an autonomy-and-robotics platform with software and service economics. Its automotive base remains commercially strong enough to fund that attempt, but it is increasingly concentrated in the Model 3/Y core, while the tolerance