Mercedes-Benz's latest report revealed a daunting 31% decrease in EV sales in Q3, reflecting not only dwindling demand but also stiff competition from local rivals.
European automakers registered a dramatic decline in EV sales—44% in August—due to competition from Chinese brands, and struggles to maintain luxury market appeal.
Despite a minor recovery in September, new electric vehicle registrations in Europe remain nearly 6% lower than the previous year, indicating ongoing industry challenges.
Mercedes' finance chief stressed the need for 'cost improvements' as the carmaker confronts a significant drop in return on sales, now at 4.7%.
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