Mercedes shares slump after cutting 2024 guidance on weak China demand

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Mercedes shares slump after cutting 2024 guidance on weak China demand

An employee does final inspections on a Mercedes-Benz C-Class at the Mercedes-Benz US International factory in Vance, Alabama.

Andrew Caballero-Reynolds | AFP | Getty Images

Mercedes shares fell more than 8% Friday after the ******* carmaker cut its 2024 guidance on the back of weaker demand from China.

The company said it now expects earnings before interest and taxes (EBIT) to come in “significantly below” the previous year and that its adjusted return on sales would be between 7.5% and 8.5%, down from its earlier forecast of 10% to 11%.

Shares pared losses slightly to trade 6.5% lower as of 9:02 a.m. London time.

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