Mercedes-Benz Group AG downgrades 2024 financial outlook due to declining sales in China.

Mercedes-Benz Group AG has downgraded its 2024 financial outlook, anticipating an adjusted return on sales between 7.5% and 8.5%, down from 10% to 11%. This revision stems from declining sales in China, its largest market, where a slowdown in economic growth and a struggling real estate sector have impacted luxury car sales. The company's earnings before interest and taxes are expected to be significantly lower than last year's €19.7 billion.