Mercedes-Benz quarterly profits plunge over 50 per cent amid Chinese market woes

Mercedes-Benz reported a significant drop in profits for the third quarter, with a 50% decrease attributed to struggles in the Chinese market. The net profit was 1.72 billion euros, down from 3.7 billion euros the previous year, and sales also declined. The challenging market environment and fierce competition, especially in China, were highlighted as factors contributing to the poor results. Despite cutting its annual outlook twice in the third quarter, Mercedes-Benz expects sales to be slightly lower than the previous year. The auto industry in Europe is facing challenges such as high costs, the shift to electric vehicles, and competition in China.