Mercedes Cuts 2024 Sales Forecast Amid Weak Chinese Demand 📉

Mercedes-Benz shares dropped 8% Friday after the automaker cut its 2024 guidance, citing weak demand in China and ongoing trade tensions. The company expects earnings before interest and taxes to fall “significantly below” last year’s level. Mercedes also cited China’s economic downturn and real estate troubles as key factors hurting sales. BMW and Volvo also faced losses due to similar issues, with the European auto sector down more than 3%.