BMW's pre-tax earnings fell to €2.35bn on revenue of €31bn, while Lucid lost $1bn after a Gravity SUV stop-sale linked to a seat supplier issue.
BMW said tariffs cut automotive EBIT margin by 1.25 percentage points to 5.0%, as Chinese EV rivals intensified pricing pressure. Lucid produced 5,500 vehicles and lifted revenue 20% to $282.5m.
The results underline a split market: established carmakers face weaker China demand and trade headwinds, while EV startups scale output but struggle for profitability. BMW kept its 2026 outlook; Lucid suspended guidance pending a CEO-led review.
After Lucid’s costly supply chain disruption and suspended guidance, can EV startups achieve sustainable growth amid operational and regulatory volatility?
With Chinese EV makers rising and tariffs reshaping trade, how will legacy automakers like BMW adapt to avoid further decline in global markets?