Mercedes-Benz sales drop 6% in Q2 as demand for EVs declines
Mercedes-Benz reported a 6% decline in sales for the second quarter of 2024, attributing the drop to a decrease in demand for battery-electric vehicles (BEVs).
The carmaker said on Wednesday that Mercedes-Benz’s second-quarter sales plunged 6% as the market for battery-electric vehicles sank.
The business vowed to compensate for lost ground with improved availability and market launches.
Mercedes-Benz reported a 6% decline in sales for the second quarter of 2024, attributing the drop to a decrease in demand for battery-electric vehicles (BEVs).
The company sold a total of 600,100 cars and vans during this period, with BEVs accounting for 51,000 units, representing a 23% year-on-year decline.
Slowing Demand for Electric Vehicles
The carmaker highlighted that the ramp-up of electric vehicles slowed in key markets. This slowdown comes amid a broader market environment characterized by heavy discounting, which the company says it navigated by focusing on healthy growth rather than aggressive price cuts.
Future Outlook and Strategies
Mercedes-Benz remains optimistic about the second half of the year, expecting a sales boost due to improved product availability and several market launches. The company is positioning itself to recover lost ground by enhancing the accessibility of its products and rolling out new models.
Comparison with BMW
Also read: Porsche Accelerates Transition To EVs
In contrast, rival BMW reported a 1.3% decrease in overall sales for the second quarter. However, BMW saw a significant 22.2% increase in its BEV sales, indicating a divergent trend in the electric vehicle market performance between the two luxury automakers.
Company Statement
“The ramp-up of electric vehicles slowed in key markets, while the company focused on healthy growth in a market environment characterized by heavy discounting,” Mercedes-Benz stated.
The company remains committed to its electric vehicle strategy and anticipates stronger performance in the coming months with the introduction of new products and better market conditions.
The upcoming market launches and improved availability are critical components of Mercedes-Benz’s strategy to bolster sales and maintain its competitive edge in the evolving automotive landscape.
