Mercedes Benz writes off over 700 mn euros on China woes
FRANKFURT – Premium German carmaker Mercedes-Benz yesterday reported falling profit at its car business as it wrote off over 700 million euros due to fierce competition in China. Though overall net profit for the quarter rose 13.5% to 1.09 billion euros (US$1.24 billion), boosted by its vans and financial services businesses, core earnings at the... The post Mercedes Benz writes off over 700 mn euros on China woes appeared first on New Era .
FRANKFURT – Premium German carmaker Mercedes-Benz yesterday reported falling profit at its car business as it wrote off over 700 million euros due to fierce competition in China.
Though overall net profit for the quarter rose 13.5% to 1.09 billion euros (US$1.24 billion), boosted by its vans and financial services businesses, core earnings at the key cars division fell 26% to 909 million euros, Mercedes said, hit by competition in China.
