Jan 07, 2025
Mercedes revising profit outlook downwards in sluggish car market, source says
Mercedes-Benz will lower mid-term profitability targets for its passenger car business due to prolonged weakness in the market and the switch to electric-powered vehicles, a source familiar with the matter told Reuters on Tuesday. The German premium automaker's management board, led by CEO Ola Kaellenius, will revise downwards the targets it set in 2022 by Feb. 20, when the company plans to hold its capital markets day, the source said. In the best-case scenario, Mercedes will aim for profitability in a double-digit margin, the source added.