BMW’s iX3 Hits 50,000 Orders as Share Structure Overhaul and Tariffs Keep Stock in Reverse

The electric vehicle offensive is gaining traction, yet BMW’s share price remains stuck in the mud. The Bavarian carmaker has racked up more than 50,000 orders for its new iX3 in Europe alone — enough to force a second production shift at its Debrecen plant earlier than planned. The model, built on the “Neue Klasse” architecture, represents the first real litmus test for BMW’s ability to scale its next-generation EV platform profitably.

While the iX3 buzz builds, BMW is simultaneously executing a historic capital reorganisation. At the annual general meeting on 13 May, shareholders voted with 99.99% approval to convert all non-voting preference shares into ordinary voting stock. The preference shares had previously accounted for roughly 9% of the company’s equity. Once the change is registered with the commercial register, BMW will operate with a single class of shares, ending a two-tier structure that had been in place for decades.

Finance chief Walter Mertl estimates the move will boost the free float in ordinary shares by about 19%. Index providers such as Deutsche Börse focus on the market capitalisation of freely tradable voting shares, meaning BMW’s weighting in the DAX and other benchmarks is set to rise. That should force passive funds to increase their positions, improving liquidity for institutional investors. The dividend for common shares of €4.40 per share was paid out on Tuesday, with preference holders receiving an extra €0.02 per share as stipulated by the old bylaws.

Should investors sell immediately? Or is it worth buying BMW?

Yet the operational picture remains challenging. In the first quarter, higher import tariffs in the US and the European Union squeezed the automotive margin to just 5%, while revenues dipped to roughly €31 billion. The stock has taken a beating: trading around €74.10, it has shed almost 23% since the start of the year and sits perilously close to its 52-week low. Over the past seven days alone, the decline amounts to 8.35%.

New CEO Milan Nedeljkovi?, who succeeded Oliver Zipse, now faces the dual task of ramping up EV sales and steadying the ship. A rare bright spot beyond the iX3 is the updated i7, presented at the Auto China show. BMW says the electric flagship’s new technology enables data processing for drive and braking functions up to ten times faster than before.

Technically, the chart looks fragile. The share price languishes below its 50-day moving average of €79.68 and well under the 200-day average of €85.70. The relative strength index stands at 47.9, indicating no extreme oversold condition. For the stock to regain traction, investors will need to see a clean production ramp-up in Debrecen, controlled recall costs, and tangible margin improvement from the tariff-hit trade environment. The simplified share structure removes one layer of complexity — but the market is waiting for proof that the “Neue Klasse” can deliver where it counts.

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