Major European automakers, including Volkswagen, Mercedes-Benz, and Stellantis, reported significant declines in their first-quarter earnings and sales. Volkswagen's operating profit fell by 20% due to lower demand for its premium brands and higher costs, while Mercedes-Benz's earnings dropped 34% amid sluggish demand for electric vehicles and model changes. Stellantis also saw a 12% decrease in revenue, attributed to lower volumes, an unfavorable product mix, and foreign exchange dynamics. Despite these setbacks, Volkswagen has maintained its financial targets for 2024. Additionally, Tesla's Chinese rival BYD also experienced a fall in profits and sales.
WATCH: European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high https://t.co/SsgbuXPFzT https://t.co/9gPlkhCGL1
European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high https://t.co/Cu7tVdwV8u https://t.co/ZMcg4fTH8s
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⚠️ SHIFT TO NEW MODELS, WEAK DEMAND HIT EUROPE'S AUTOMAKERS Full Story → https://t.co/G2Us3s6Uve Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models and faced weaker consumer demand for… https://t.co/vmAUc8DRrl
Stellantis Q1 revenues fall 12%, forecasts stronger second-half https://t.co/tEqi11gFiX https://t.co/pTcIw7pzAZ
Stellantis Revenue Falls Below Forecasts on Lower Volumes, New Model Preparations https://t.co/70Pi7VuV2y
NEWS: Mercedes earnings plummeted 34% in the first quarter, weighed down by model changes and sluggish demand for its EVs. https://t.co/I2RpCW41Re
NEWS: Volkswagen on Tuesday said its operating profit dropped by 20% in the first quarter as weaker demand for its premium brands drove a drop in sales. https://t.co/AV9ZgrULH9
Mercedes-Benz's earnings plummeted 34% in the first quarter, weighed down by model changes and sluggish demand for electric vehicles https://t.co/Sv5imER3qX
Volkswagen profit drops 20% in first quarter on lower sales https://t.co/LnqocdDsek
Volkswagen sticks to 2024 targets despite 20% drop in first-quarter profit https://t.co/lS9UG2CeIS https://t.co/BjHqjKJcSO
Volkswagen Earnings Slump 20% On Muted Sales, Higher Costs - BBG https://t.co/qv9vnW01lC
⚠️ STELLANTIS Q1 REVENUES FALL 12% AMID PRODUCT PORTFOLIO TRANSITION Full Story → https://t.co/mEQa2Rw5hk Stellantis said on Tuesday its revenue fell 12% in the first quarter of the year on lower volumes, unfavourable product mix and foreign exchange dynamics, partially…
Volkswagen AG’s first-quarter earnings fell more than expected after waning car sales and the cost of introducing new models weighed on profitability https://t.co/mmDT3ENnuH
Volkswagen Group Profit Slides on Lower Sales Volume Higher Costs https://t.co/kxZQThiv47
Tesla China rival BYD sees profits and sales fall https://t.co/nxKhM4qxSt