Mercedes pledges cost cuts after earnings halve; blames weak China demand

Quick Summary:

Model revamp costs added to the pressure, especially for new versions of the G-Class SUV, which will hit the market in the next quarter, Mercedes added.

Talks between Brussels and Beijing continue over looming tariffs on imports of Chinese EVs into Europe, a major headache for Europe's China-dependent car heavyweights due to the fears of potential retaliation.

Mercedes-Benz CEO Ola Kaellenius has warned that Chinese consumers are extremely cautious about making big purchases, as long-standing economic weakness and a real estate crisis have created considerable uncertainty for consumers.

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Article Details

Category: BusinessFinance

Markets: IndiaChinaGermany

Topics: BMW Mercedes Automobile industry Volkswagen DAX Porsche AG

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-25 @ 17:10:17 (6 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 531 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23238905

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