Mercedes-Benz reported a more than 50% drop in third-quarter profits, primarily affected by a significant decline in sales and competition within the challenging Chinese market.
The company's net profit fell to 1.72 billion dollars, down from 3.7 billion last year, with overall vehicle deliveries dipping by 3%, and a notable 13% decrease specifically from China.
Mercedes acknowledged a 'challenging market environment and fierce competition' as key factors for the poor figures, with their CFO admitting that earnings 'do not meet our ambitions.'
Forecasts for 2024 indicate that annual sales are projected to be slightly lower than in 2023, reflecting ongoing struggles amid high domestic costs and the shift to electric vehicles.
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