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Mercedes-Benz off to sluggish start in 2024 first quarter

Mercedes-Benz has made a weaker start to the year than expected due to problems in the supply chain and model changes.

30 Apr 2024 08:50pm
Earnings before interest and taxes even fell by almost 30 per cent to €3.86 billion euros. - FILE PIX
Earnings before interest and taxes even fell by almost 30 per cent to €3.86 billion euros. - FILE PIX

FRANKFURT - German car manufacturer Mercedes-Benz has made a weaker start to the year than expected due to problems in the supply chain and model changes, reported German news agency (dpa).

Turnover in the first quarter fell by 4.4 per cent to €35.9 billion (US$37.4 billion), the Stuttgart-based company announced on Tuesday. Earnings before interest and taxes even fell by almost 30 per cent to €3.86 billion euros.

Passenger cars, the company's most important division, saw its operating profit margin before interest and taxes adjusted for special effects slip sharply by 5.8 percentage points to nine per cent. The management around chief executive officer Ola Källenius had already warned of a weak start.

The decline in sales and model changes in the lucrative top segment had a negative impact. At the end of the day, Mercedes posted a consolidated profit of €3.03 billion, around a quarter less than in the previous year. The car manufacturer confirmed its annual forecasts. - BERNAMA-dpa

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