J P M O R G A N Europe Equity Research 30 July 2026 BMW Review Q2'26: Model Update Post Earnings Call Post the earnings call, we book the fourth-quarter restructuring charges announced by the firm, weaker pricing power than expected in China, China dealer support payments, as well as some impact from product mix, as evidenced in the second- quarter results. Beyond the quarter, we have a full-year 2026 auto margin guidance of 1-3%, which possibly adjusted for restructuring charges and PPA impact is probably ...