Mercedes-Benz’s profits have been hit by a “brutal” price war in electric vehicles as demand lags behind in the face of a weaker economy.
It forecast adjusted profit margins this year at the lower end of its previously guided 12 to 14 per cent range because of a “subdued” economy, “intensified pricing competition” and shortages of 48-volt batteries.
The warning hit the German premium carmaker’s shares, which tumbled 5 per cent to €58.05 in Frankfurt by late morning.
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