The luxury carmaker cut its full-year profit margin target twice during the third quarter, joining a growing number of European rivals blaming a weakening Chinese car market for falling profits and margins.
Union Investment, which according to LSEG is among the 30 top investors in Mercedes, called on the management to amend its strategy as it sees no market for 2 million luxury cars any longer. "We are clearly in favour of adjusting the strategy and adapting it to the new market conditions and the new competition from China," said portfolio manager Moritz Kronenberger.
This story is from the October 26, 2024 edition of Business Standard.
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This story is from the October 26, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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