"The Q3 results do not meet our ambitions," Chief Financial Officer Harald Wilhelm said Friday. "We are taking a prudent view about market evolution going forward and we will step up all efforts on further efficiency increases and cost improvements across the business."
China's economic slowdown has hit the German automaker hard, especially in orders of high-end S-Class and Maybach models. Meanwhile, its vast industrial footprint means the company faces structurally higher costs than firms like Tesla.
While Mercedes pledged to improve its cost position, it didn't elaborate on where cuts would fall. The manufacturer operates several plants in Germany, where labor and energy costs are relatively high.
Mercedes' shares dropped as much as 3.9% in early trading. The stock is down about 9% this year, contrasting sharply with Tesla, which posted surprisingly strong earnings.
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