Mercedes-Benz slashes full-year forecast on declining China sales

seekingalpha09-20

Mercedes-Benz (OTCPK:MBGYY) has revised its 2024 earnings forecast in light of the worsening macroeconomic conditions, especially in China, marking the latest blow to Germany’s struggling industrial ...

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Sales volume, especially those in the top-end segment, have been impacted by the slowdown in GDP growth in China, amid weaker consumption as well as the continued downturn in the real estate sector, the company said.  This development comes as German automakers are facing challenges in transitioning to electric vehicles and decreasing profits in the Chinese market. Volkswagen  and BMW  are considering closing factories in Germany due to weakening demand and sluggish electric vehicle sales. Mercedes-Benz Cars now expects its adjusted return on sales to be between 7.5% and 8.5%, compared with a prior forecast of as much as 11%, according to a statement Thursday. The group said its earnings before interest and taxes are now expected to be \"significantly below\" the prior year level. It is anticipate","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BMWYY":"宝马汽车","BK4099":"汽车制造商","VWAGY":"大众汽车ADR","MBGYY":"Mercedes Benz Group AG"},"translate_title":"梅赛德斯-奔驰因中国销量下降下调全年预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BMWYY":1,"MBGYY":1,"VWAGY":1},"content_text":"Mercedes-Benz (OTCPK:MBGYY) has revised its 2024 earnings forecast in light of the worsening macroeconomic conditions, especially in China, marking the latest blow to Germany’s struggling industrial sector. Sales volume, especially those in the top-end segment, have been impacted by the slowdown in GDP growth in China, amid weaker consumption as well as the continued downturn in the real estate sector, the company said.  This development comes as German automakers are facing challenges in transitioning to electric vehicles and decreasing profits in the Chinese market. Volkswagen (OTCPK:VWAGY) and BMW (OTCPK:BMWYY) are considering closing factories in Germany due to weakening demand and sluggish electric vehicle sales. Mercedes-Benz Cars now expects its adjusted return on sales to be between 7.5% and 8.5%, compared with a prior forecast of as much as 11%, according to a statement Thursday. The group said its earnings before interest and taxes are now expected to be \"significantly below\" the prior year level. It is anticipated that in the second half of 2024, the sales mix will remain unchanged, resulting in weaker performance than initially anticipated.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468645890"}