Mercedes-Benz Group AG is feeling the heat from competition, especially from new Chinese manufacturers redefining 'Made in China' as a luxury standard in the EV market.
Mercedes reported its weakest profitability since its restructuring in 2021. The increasing competition from Chinese brands puts the lucrative $1.2 trillion luxury auto market at risk.
CFO Harald Wilhelm indicated the pressure from Chinese EV brands is significant, stating he doesn't believe the competition will diminish anytime soon, hinting at a challenging landscape ahead.
Chinese manufacturers have begun to showcase luxurious electric vehicles, incorporating advanced technology and comfort aimed at capturing the European luxury market, traditionally dominated by European brands.
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