BERLIN (Reuters) – Mercedes-Benz said on Thursday it expects its auto division’s adjusted sales performance for the full year to be at the lower end of its previously announced forecast of 12 to 14 percent, with the group reporting a drop in third-quarter profit, partly due to fewer deliveries.
The German automaker described the market environment as “moderate” and “marked by intense price competition, particularly in the electric vehicle segment.”
Mercedes’ operating profit (Ebit) fell 6.8% to 4.8 billion euros, while revenue fell 1.4% to 37.2 billion euros. euros.
The automotive division recorded an adjusted sales return of 12.4%, at the low end of the group’s annual forecast range.
Mercedes-Benz Vans posted a stronger quarter, with Ebit up 44% for this segment, to 715 million euros.
The group expects the pace of sales in the fourth quarter to remain roughly the same as in the first three, and has not changed its target of stable growth for the full year.
(Reporting by Victoria Waldersee, by Augustin Turpin, edited by Kate Entringer)
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