BMW's Buyback Continues Past November as Jefferies Flags 7% Automotive Revenue Decline

BMW has confirmed it will keep repurchasing its own shares beyond November, according to Jefferies, even as the automaker's core business faces weakening demand. The signal came alongside the company's interim disclosure on Tuesday, which reported the acquisition of 245,796 ordinary shares for €13,174,893.31 during the reporting week through Sunday.

The purchases fall under the 2025/2027 buyback programme. While the disclosed transactions document capital already deployed, the confirmation of continued buying into the coming months outlines forward planning. Neither changes the pressure on the automotive division — but both show BMW is pursuing the buyback in parallel with those difficulties.

Jefferies Trims Automotive Revenue Forecast

On the same day, the research house reiterated its "Hold" rating and a €60 price target. Analyst Philippe Houchois revised his estimates following BMW's preliminary statements, now projecting a 7% revenue decline for the automotive business. He cites weaker unit sales, inventory reduction and a deteriorated product mix as the drivers — meaning the call rests not only on volumes but on the composition of sales as well. The figure is an analyst estimate, not a reported result.

The delivery update published roughly a week earlier supplies the backdrop: global vehicle deliveries fell 6.3% in the third quarter of 2026, to 551,072 automobiles. Performance varied by region — growth in Europe and the US contrasted with a weak China business, where the decline reached 24.8%.

Product Offensive Runs Alongside the Downturn

BMW also used Tuesday to showcase technical progress on two fronts. Together with IONNA and Alpitronic, the group demonstrated DC charging at up to 460 kW on a BMW iX5 60 xDrive — a feat BMW explicitly labelled a technology demonstration, not commercially available US charging hardware. The distinction matters: a proven capability is not yet a market-ready offering.

Battery production, by contrast, has moved past the demonstration stage. Series output of Gen6 high-voltage batteries for locally built New Class models began in Shenyang on 15 October, making the site the third in BMW's global production network after Debrecen and Irlbach-Straßkirchen.

A further announcement covers BMW Maps: vehicles running BMW Operating System X will receive a combined view merging navigation and driver-assistance information. The update applies specifically to that operating system, not to the fleet as a whole. As with any product launch, no incremental sales or earnings contribution can be inferred from it yet.

November 4 Looms as the Real Test

What ties the buyback, the analyst downgrade and the engineering milestones together is the third-quarter report due on 4 November 2026, covering the period to 30 September 2026. Until then, the gap between capital returns and operating performance remains the central question for investors. BMW is pressing ahead with share purchases; Jefferies simultaneously expects less automotive revenue. The buybacks are a concrete sign of continued capital deployment — not evidence of an operating recovery.