Mercedes-Benz sales to fall in 2024

German luxury carmaker Mercedes-Benz sold fewer vehicles last year than in 2023.

The company announced today in Stuttgart that the decline rate slowed in the last quarter of last year thanks to a slight recovery in its sales in China. However, the group recorded a 4% decline in sales over the entire year, after selling nearly 2.4 million cars and vans.

In China, sales of the company’s passenger car division fell by 7% for the full year, although the company’s sales there in the last quarter increased by 3% year-on-year.

China is the most important sales market for the major German carmakers. At the same time, German companies face strong competition from domestic companies that excel in the electric car sector. Sales of battery-powered cars have seen tremendous growth in China.

On the other hand, Mercedes-Benz sold 23% fewer electric cars last year compared to the previous year. The decline accelerated in the last quarter to 26%.