Mercedes bets on model blitz as China slump deepens

The Irish Times · Irlanda · Prensahace 10 horas

Mercedes-Benz Group is pushing ahead with its biggest product and cost overhaul in years, betting it can restore profitability even as China turns from a growth engine into one of the biggest drags on the business. Third-quarter revenue at the German automaker fell 4.5 per cent to €30.7 billion, while adjusted group earnings before interest and tax declined 15 per cent, the group said Wednesday in a statement.

The results came a day after Mercedes lowered its outlook, citing cost pressures and a drop in sales in the mainland. Chief executive officer Ola Källenius pointed to continued growth in Europe and the US, as well as record electric-vehicle sales, as evidence that newer models are gaining traction.

At the same time, he said market conditions had become “even more challenging”, particularly in China. At its core cars division, adjusted earnings more than halved to €560 million in the third quarter,…

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