Most of the biggest moneymakers sold are imports, placing them at risk in potential EU-China trade disputes.
China is the primary market for Germany’s luxury cars, representing over a third of global sales for BMW’s 7-series and Mercedes’ S-Class last year.
“Those who live in glass houses shouldn’t throw stones,” Bernstein analysts Daniel Roeska and Eunice Lee said in a research note. The three German luxury-carmakers are at greatest risk of taking a big hit should the trade dispute escalate, they said. Roeska and Lee estimate that Chinese revenue streams represent more than 25% of the German automakers’ underlying net income.
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