Mercedes-Benz reported a significant profit decline in the third quarter, with net profit dropping over 50 percent to 1.72 billion euros, down from 3.7 billion euros a year earlier. The luxury carmaker attributed the drop to a “challenging market environment and fierce competition, particularly in China,” where vehicle deliveries fell 13 percent. Overall, sales decreased nearly seven percent to 34.5 billion euros, while luxury car sales worldwide declined 12 percent. CFO Harald Wilhelm admitted that the results “do not meet our ambitions.”
Mercedes expects lower sales outlook
This luxury manufacturere xpects 2024 annual sales to be slightly lower than the previous year, with fourth-quarter sales anticipated to be in line with the third quarter. European carmakers are facing high domestic costs, electric vehicle transition issues, and difficulties in China, alongside looming higher tariffs from Brussels on Chinese electric car imports.
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