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Mercedes Sales Weaken in Q2 Due to a Dip in Demand for Electric Vehicles

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For the second quarter of 2024, Mercedes-Benz reported a 6% decrease in sales, which was mostly caused by a downturn in the market for battery-electric vehicles (BEVs). The carmaker said on Wednesday that it sold 600,100 cars and vans during this time, with 51,000 of those being BEVs. This is a 23% decrease from the previous year.

The company blamed the difficult market conditions marked by steep discounts and a ramp-up that lagged in important regions for the decline in BEV sales. Mercedes-Benz is still upbeat, though, about picking up steam in the second half of the year thanks to better product availability and impending market introductions.

“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,” said Mercedes-Benz.

Mercedes-Benz is expected to improve its total sales performance in the upcoming months, even with the decline in BEV sales. The company believes that the recent downturn will be lessened by the release of new models and improved availability of current ones.

In contrast, BMW’s rival saw a lesser 1.3% drop in total sales during the second quarter. On the other hand, sales of BMW’s BEV category increased significantly—by 22.2%. This disparity draws attention to the different dynamics that exist within the electric vehicle market, where certain companies are doing well while others are experiencing brief difficulties.

Mercedes-Benz’s dedication to broadening its range of electric vehicles and augmenting its market presence highlights the company’s strategic emphasis on sustainable growth. The automaker’s capacity to profit from the rising demand for electric mobility will be determined in large part by how well it navigates the changing terrain in the next quarters.

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