2024 is proving to be a difficult year for Mercedes-Benz. In the third quarter of the year, the house of the Star has Total sales of 594.600 vehicles, including cars and vans, recording a slight decline compared to previous quarters. The total sales suffered a 1% decrease compared to the previous quarter and a 3% decrease compared to the same period last year.
Sales of Electric vehicles have taken a hard hit, down 8% quarter-on-quarter and 31% year-on-year, with just 46.900 electric vehicles sold. In the first nine months of 2024, Mercedes-Benz total sales reached 1.763.200 units, down 5% compared to 2023. Electric vehicle sales were particularly weak, down 22% to 148.500 units.
To weigh on the The company's performance is mainly due to the economic crisis in China, which prompted the car manufacturer to launch a new alarm, with a downward revision of forecasts for the current year. The profit warning, the second in a few months, reflects the complex situation of the global market that has affected not only Mercedes but theentire automotive sector, especially the German one.
Car sales, China weighs: crucial but weak market
La weak demand in Asia, and especially in China, has represented a big obstacle for Mercedes-Benz. The car manufacturer recorded a 13% decrease in sales in China (170.700 cars delivered from July to September) compared to the same period in 2023. The drop in demand has hit especially the luxury models, such as the S-Class, which account for a significant part of the company's profits.
Mercedes: Luxury Segment Resists Globally
Despite the overall decline, Mercedes-Benz managed to maintain good results in several key markets, especially with its luxury cars. Top models, such as the S-Class, continued to dominate their segments, although they suffered from reduced demand in China. The Mercedes-AMG high-performance cars, on the other hand, recorded an increase of 8% compared to the third quarter of 2023, thanks to a greater availability of models. Even the historic Class G recorded a slight increase in sales, with a +2% compared to the previous year.
Mercedes-Benz has achieved excellent results in North America, with growth of 29% compared to the same period in 2023. In Europe, sales remained stable, with numbers similar to those of the previous year, demonstrating that demand for the brand's vehicles remains strong in these regions. This success was supported by improved model availability and the excellent reception of the GLC range and the new CLE models.
Mercedes: Electric segment collapses
The electric car sector is the one that is suffering the most. Mercedes-Benz has recorded a 31% drop in sales of battery-electric vehicles, with only 42.500 units sold in the third quarter of 2024. Although demand forplug-in hybrid vehicles has grown 10%, mainly thanks to the US market, consumers still seem reluctant to fully embrace the transition to electric vehicles. Technological complexity and infrastructural limitations seem to hinder the diffusion of these models, at least in the short term.
The price war for electric cars, especially in China, has also contributed to this situation. The increasingly aggressive competition has made difficult to maintain profit margins on this product line, despite initial high expectations.
Despite the difficulties, Mercedes-Benz is not abandoning its path to electrification. The brand announced important changes in the naming of its vehicles, eliminating the acronyms like EQ to standardize the offer and make the distinction between thermal and electric models clearer. This strategy aims to reduce confusion among consumers and simplify the brand portfolio, facilitating the transition to a more homogeneous electric offer.
The new 2025 Mercedes EQS will be one of the first models to embody this new strategy. With a 118 kWh battery and an advanced regeneration system, it aims to become a benchmark in the electric luxury sedan segment.
Mercedes: Van sector also weak
Even the sHector of the Vans, which has traditionally been one of Mercedes' strong points, has showed signs of weakness in the third quarter of 2024. The van sales were down 12% from the previous quarter and 13% from the same period last year, with 91.100 units sold. In the first nine months of 2024, van sales fell 7% to just 300.000 units. This decline was particularly noticeable in core markets such as Germany, the United States and China, while in Europe sales remained stable.
