Car maker Mercedes-Benz's net profit fell 54% in the third quarter of 2024 in compared to the same period of 2023. This is stated in the company's financial report for the relevant period.
Net profit for the quarter amounted to EUR 1.7 billion, which is 54% less than the third quarter of 2023 (EUR 3.7 billion). Total net profit for nine months decreased by 31%, from EUR 11.3 billion to EUR 7.8 billion.
In the third quarter, operating profit from sales of passenger cars also fell by 64%, from EUR 3.31 billion to EUR 1.19 billion. Return on sales decreased from 12.2% to 4.7%.
EarlierBloomberg reported that European carmakers risk losing out to American and Chinese rivals in the global race for the future of the auto industry due to falling behind in the production of electric vehicles. The director of automotive research firm CAR, Ferdinand Dudenhofer, said European carmakers were “losing price competition in Europe at an increasingly rapid pace”, while China “continues to expand its lead in electric vehicles".< /p>