BMW Pushes Ahead With Buybacks and a China-Specific X5 as Shares Linger at 52-Week Lows

BMW repurchases shares near 52-week low and unveils long-wheelbase X5 for China as first-half deliveries drop 20.4% ahead of earnings.

The Munich-based automaker is deploying a two-pronged strategy to steady investor nerves this week, pressing on with its share repurchase program while unveiling a stretched-wheelbase X5 engineered exclusively for the Chinese market. The moves come as the stock hovers just above its lowest point in a year, with the half-year earnings report due on July 30 looming large.

Between July 20 and July 24, BMW bought back 634,883 ordinary shares on the Xetra trading platform, according to an interim statement. The daily breakdown reveals a pattern of steady accumulation at progressively lower prices: 120,000 shares at €58.4310 on July 20, 150,000 at €57.7373 the following day, 110,000 at €57.7287 on July 22, 119,883 at €57.3224 on July 23, and finally 135,000 at €56.7621 on July 24 — the lowest average purchase price of the week. That last session coincided with the stock plumbing a 52-week trough of €56.40, underscoring the company's willingness to keep buying even as the market turns bearish.

The buyback is part of BMW's 2025/2027 program, and its continuation amid the current weakness sends a clear signal that management remains committed to returning capital to shareholders despite the depressed valuation. The Relative Strength Index stands at 36.3, indicating oversold conditions, though no definitive reversal pattern has yet emerged.

On the product side, BMW took the wraps off a long-wheelbase version of the X5 and its electric sibling, the iX5, on Monday. The model, built exclusively for China, extends the wheelbase by 130 millimeters to 3,165 millimeters and features a 31.3-inch 8K cinema-format screen in the rear. Production will take place locally, with sales slated to begin in early 2027. Standard equipment includes adaptive air suspension, and the driver-assistance systems incorporate technology from Chinese AI partner Momenta. For the iX5 variant, BMW quotes a range of up to 1,000 kilometers under China's CLTC cycle — a figure that will likely be far lower in real-world driving but serves local marketing purposes.

The timing of the launch is telling. BMW's first-half deliveries in China fell 20.4 percent, a steep decline that, while less severe than Mercedes-Benz's 28 percent drop, still represents a major blow. Japanese rivals Toyota, Nissan, and Honda also reported double-digit contractions in the same period, while domestic electric-vehicle makers have captured over 58 percent of the new-energy vehicle market. Against that backdrop, the exclusive long-wheelbase X5 looks like a bid to defend premium positioning with a product that local brands cannot easily replicate.

The broader industry backdrop remains challenging. Analysts expect a mixed second-quarter earnings season for German automakers. Mercedes-Benz, reporting on Tuesday, is forecast to post a roughly 3 percent revenue decline and an operating margin of just 3.8 percent in its car division. Volkswagen and Audi have both trimmed their annual guidance, while Porsche separately announced 5,000 additional job cuts. The cost picture is further clouded by rising DRAM prices, with chipmakers including Qualcomm planning double-digit price increases in September that will affect automotive electronics components, including those used by BMW.

The stock closed Monday at €57.68, up 1.30 percent on the day, but remains within 2.27 percent of its 52-week low. Year-to-date, the shares have lost 38.49 percent, reflecting persistent concerns about China exposure and the broader malaise afflicting German auto stocks. The distance to the December 52-week high stands at roughly 41 percent.

All eyes now turn to July 30, when BMW publishes its half-year results. The report lands in a packed week that also features earnings from UBS, Deutsche Bank, Meta, Amazon, and Apple, ensuring no shortage of competing narratives for investor attention. For BMW, the key question is whether the China weakness — which has already hammered Audi's China results — will show signs of stabilizing, or whether the buyback and the new X5 long-wheelbase will prove insufficient to reverse the stock's trajectory.