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China, US tariffs hit Mercedes Q1
(Sharecast News) - German auto giant Mercedes-Benz posted a sharp decline in first-quarter profits and revenue as US tariffs, growing competition and geopolitical turmoil hit trade. The company on Wednesday said operating profit fell 17% to €1.9bn, while revenue tumbled 4.9% year on year to €31.60bn.
"In China, intense competition and subdued demand continued to weigh on the market amid a transition year marked by model changeovers across the portfolio," the company said in a statement.
Chinese manufacturers such as BYD are now targeting the upper end of the market, having gained a foothold by making cheaper electric vehicles. Mercedes' sales in the world's second-largest economy were down 27%.
US tariffs imposed by President Donald Trump's tariffs were forecast to hit the core auto margin by 1.5-percentage points although the company has applied for a refund after the Supreme Court ruled them illegal last year.
Mercedes also faces higher raw materials costs due to the war on Iran. Finance chief Harald Wilhelm said the group was maintaining tight cost control in order to shore up its bottom line.
"Strong demand for our new products and healthy order books position us well for improved momentum in the second half of the year," Wilhelm said.
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