Mercedes-Benz‘s net profit fell 28.4% in 2024 compared to 2023, according to figures the company released on Thursday.
The company’s net profit totaled €10.2 billion ($10.65 billion), €4 billion less than the 2023 figure.
Meanwhile, total revenues fell 4.5% to €145.6 billion in the same period.
Research and development expenditures also declined by 2.8% to €9.7 billion in 2024.
The revenues from car sales were down 4.4% and van sales fell 4.8% while mobility sales were off 1.9% last year.
By region, the biggest decline was in China, with sales down 8.5%, followed by North America with a 3.9% drop and Europe with a 3.8% decline.
In Germany, where the company originates, sales fell 11.9% last year compared to 2023.
The company’s earnings per share declined 24.3% in 2024 to €10.19, from 2023’s €13.46
“Mercedes-Benz Group delivered solid results in a very challenging environment thanks to a range of outstanding products and strict cost discipline,” said CEO Ola Kaellenius.
“To ensure the company’s future competitiveness in an increasingly uncertain world, we are taking steps to make the company leaner, faster and stronger, while readying an intense product launch campaign for multiple new vehicles starting with the all-new CLA,” he added, about the car maker’s model.