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International Business Times
International Business Times
Business

Mercedes-Benz Profits Plunge As German Carmakers Reel

Mercedes China Germany Ola Kallenius MercedesBenz
Mercedes is among German carmakers battling severe headwinds (Credit: AFP)

Mercedes-Benz said Thursday it planned hefty cost cuts after its 2024 profits plunged by almost a third amid a slump in China and weak electric car sales, as Germany's auto sector reels.

The German auto giant's net profit fell 28 percent from the previous year to 10.4 billion euros ($10.8 billion), while revenues also slid about four percent to 145.6 billion euros.

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