Mercedes-Benz reported a staggering 50% drop in net profit for Q3, attributed to weak performance in China, escalating competition, and challenging economic conditions.
The company's net profit fell to 1.72 billion euros from 3.7 billion a year earlier, while vehicle deliveries decreased by 3% overall, mainly due to a 13% decline in China.
Chief financial officer Harald Wilhelm expressed disappointment, stating that earnings "do not meet our ambitions," highlighting the tough market conditions and increasing competition as key issues.
The automaker expects its 2024 annual sales to fall slightly below 2023's figures, forecasting a similar fourth quarter to the disappointing third quarter results.
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