Weak demand, new model ramp up hit Europe's top automakers

📆 5/1/2024 10:07 AM
📰 Reuters

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European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday 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.

LONDON/FRANKFURT, April 30 - Weakness in car sales affected mass-market and top-end models alike, with the automakers trying to hold car prices steady and promising improvements as the year goes on and new models hit the market.

Europe's legacy automakers face a number of challenges at home and abroad. The German automakers, in particular Volkswagen, face rising competition in China from local automakers. Wilhelm added that the premium German automaker would defend high pricing levels for its luxury cars as model changeovers and supply chain bottlenecks hurt its results.

Mercedes reported a 30% drop in first-quarter earnings, while Volkswagen posted a 20% decline in operating profit and Stellantis said its revenue fell 12% in the quarter.only reported revenue figures - all three stuck to profit or sales targets for 2024 as their new models hit the market.

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