Mercedes Lowers Profit Forecast Due to EV Price War, But Remains Committed to EV Targets
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Mercedes says the "brutal" EV market with heavy price cuts will hurt its car sales margins, lowering its profit forecast.
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The company remains committed to EV targets but may improve combustion engine returns if EV margins stay lower.
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Mercedes resisted joining rivals in EV price cuts but warns the current situation is unsustainable.
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Q3 earnings fell due to lower deliveries, inflation, exchange rates and supply chain costs.
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Mercedes expects Q4 sales at a similar rate to the first 3 quarters and maintains its full-year sales outlook.