Mercedes profits fall 53% in the third quarter and the blame is on “strong competition” from China
Mercedes-Benz Group AG generated revenue of 34.5 billion euros in the third quarter of 2024, 6.7% less than that recorded in the same period of the previous year.
The group’s net profit was R$1.7 billion, which represents an annual drop of 53.8%, in the third year of this year. In the first nine months of the year, the drop is 31.4%.
Regarding unit sales, Mercedes placed 503,573 motor vehicles on the market, 1.4% less than in the third quarter of 2023.
But the most significant drop was recorded in the electric car segment with the German brand selling 42,544 cars in the third quarter of this year, compared to 61,621 in the same period last year, which is equivalent to an annual drop of 31%.
In a press release released this Friday, the German brand considers that it had “solid sales” in the third quarter, “despite product transitions, a difficult market environment and strong competition, particularly in China”. For this year as a whole, Mercedes expects sales “slightly lower than in 2023” and revenues “lower than last year”.
