Mercedes has warned that weaker demand from customers is becoming “increasingly noticeable” after the German carmaker saw a decrease in automotive sales in the first half of 2024.
Mercedes-Benz sold 959,700 units in the first six months, marking a 6% decrease compared to the same period in 2023. This decrease was partly due to high order backlogs caused by the pandemic being curtailed.
Sales in China, where cheaper domestic competition is gaining considerable market share, were particularly muted, with Mercedes delivering 9% fewer units in the period.
Chinese sales in the premium and luxury segment were particularly poor, Mercedes conceded.
The group warned of tighter margins in the core automaking business, trimming upper guidance from 12% to 11%.
Mercedes also trimmed its upper expectations for electric vehicles as a share of total sales from 21% to 20%.
EV sales share was 18.8% in the first half.