Published by Global Banking & Finance Review®
Posted on January 10, 2025
2 min readLast updated: January 27, 2026
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Mercedes-Benz's 2024 car sales fell by 3%, with significant declines in China and Europe. BEV sales dropped 23%, affecting profit margins.
(Reuters) - Mercedes-Benz's core car sales fell in 2024, a tough year for the auto industry marked by waning demand in a weak economy, especially in key market China, the German luxury carmaker said on Friday.
It sold 1,983,400 cars during the year, down 3% versus 2023, weighed down by a 7% drop in China and a 3% decline in Europe.
Annual sales of battery-electric cars (BEV) dropped by 23% to 185,100 vehicles, adding pressure on the carmaker as new, harsher EU CO2 emission reduction targets take effect this year, which could potentially mean costly pooling deals or hefty fines for Mercedes if the BEV sales don't pick up.
The automaker cut its full-year profit margin target twice in 2024 and said it will step up cost cuts, joining a growing number of European rivals blaming a weakening Chinese car market for falling profits and margins.
Mercedes also plans to lower its mid-term profitability targets as market conditions are unlikely to improve in the near future, a source familiar with the matter told Reuters on Tuesday.
The carmaker is due to report full-year 2024 financial results on Feb. 20.
(Reporting by Andrey Sychev, Editing by Miranda Murray)
The article discusses the decline in Mercedes-Benz car sales in 2024, focusing on challenges in the auto industry.
Sales declined due to weak demand in key markets like China and Europe, and a significant drop in BEV sales.
BEV sales dropped by 23%, affecting compliance with EU CO2 targets and potentially impacting profit margins.
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