Mercedes to step up cost cuts after weak Q3 earnings, competition woes in China
Mercedes-Benz will step up cost cuts after earnings halved in the third quarter hit by tepid demand and fierce competition in China, it said on Friday.
The carmaker cut its full-year profit margin target twice during the third quarter, joining a growing number of European rivals blaming a weakening Chinese car market for falling profits and margins.
Union Investment, which according to LSEG is among the 30 top investors in Mercedes, called on the management to amend its strategy as it sees no market for 2 million luxury cars any longer.
The company's stock has lost around 8% year to date, underperforming Germany's benchmark DAX index but still faring better than Volkswagen, BMW, and Porsche.
Mercedes' car division's adjusted return on sales fell to 4.7% in the third quarter from 12.4% last year, its worst profitability since the pandemic, while earnings in the unit more than halved, worse than expected by analysts.
Data Science
SQL for Data Science along with Data Analytics and Data Visualization
By — Metla Sudha Sekhar, IT Specialist and Developer
Astrology
Vastu Shastra Course
By — Sachenkumar Rai, Vastu Shashtri
Marketing
Digital Marketing Masterclass by Neil Patel
By — Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru
Artificial Intelligence(AI)
Tabnine AI Masterclass: Optimize Your Coding Efficiency
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial Intelligence(AI)
Master in Python Language Quickly Using the ChatGPT Open AI
By — Metla Sudha Sekhar, IT Specialist and
