BMW's Dual-Class Share Era Ends: German Registrations Leap 18.6% and US Sales Jump 13%, But a 36% YTD Drop Persists

BMW completes landmark share unification as German and US sales hit new highs, yet stock falls 37% YTD amid analyst optimism with €85-90 price targets.

BMW is wrapping up the most fundamental change to its capital structure in decades just as its sales numbers hit new highs in two core markets. But the stock continues to trade as if none of it matters. On the final day of June, preferred shares vanished from trading accounts, replaced by ordinary stock under a unified dividend and voting rights framework. The move, ratified by shareholders on May 13, was designed to boost free float in the common shares and potentially attract international institutional investors that had previously balked at the company's two-tier setup.

That structural upgrade landed alongside some of the strongest monthly registration data in Germany this year. BMW posted 26,119 new registrations in June, a gain of 18.6 percent year-over-year, easily outpacing Mercedes-Benz, which added 23,728 units for a more modest 5.9 percent rise. Audi took third place with 19,097 registrations, its 17.1 percent jump partly flattered by a weak prior-year period. The Mini brand also had a remarkable month in its home market, with 4,936 new registrations up 59.7 percent. Across the first half, BMW pulled ahead of its Stuttgart rival with 126,766 units, a 6.5 percent increase, while Mercedes slipped 0.8 percent to 125,960.

Across the Atlantic, the picture was similarly bright. BMW of North America delivered 102,713 vehicles in the second quarter, a 13 percent improvement. Passenger cars rose 12.8 percent and light trucks 13.2 percent, reflecting balanced demand. Over the first half, the BMW brand in the US climbed 4.7 percent, while the overall group—including a weaker Mini performance—managed a 3.9 percent gain. Mini's US sales slipped 2.1 percent in the quarter to 7,456 units, dragging its half-year tally down 6 percent.

Analysts have taken notice of the combination of a cleaner share structure and resilient demand. Deutsche Bank Research reaffirmed its "Buy" rating on July 3 with a price target of €90, citing the strategic value of the US manufacturing base and faster execution under the new CEO. Bernstein Research followed a day earlier, keeping an "Outperform" call and a €85 target. Both price objectives sit well above the current trading level.

The shares themselves closed at €60.66 on Friday, barely changed from the prior session. That gave a weekly gain of 2.92 percent, but the 30-day trend shows a 15.11 percent slide. Year-to-date the stock has lost 36.76 percent, and over twelve months the drop is 22.55 percent. From its 52-week high of €97.90, set on December 9, 2025, the shares are still down over 38 percent. The distance to the recent year low of €57.06, touched on June 30, is now just over six percent. The relative strength index of 35.4 points to oversold territory, while the stock trades roughly 15 percent below its 50-day moving average of €71.09 and more than 26 percent below the 200-day line of €82.56. Volatility stands at 31.83 percent.

That disconnect between operational momentum and market sentiment reflects a series of headwinds that have overshadowed the good news in Germany and the US. BMW significantly lowered its earnings expectations for the automotive segment earlier this year, with sluggish demand in China cited as the primary culprit. The electric vehicle and plug-in hybrid line-up also lost ground in the second quarter, falling 18.1 percent, as the current portfolio aged. Management is counting on the new iX3 and i7 to provide a spark later this quarter.

Investors will get a fuller picture when BMW publishes its half-year report on July 30. The key questions: whether management will reaffirm its full-year guidance and whether the strength in the West can compensate for the weakness in the electric range and the uncertainty out of China. Until then, the stock remains trapped between a structural improvement on paper and a market that is still waiting for proof that the turnaround is real.