Mercedes-Benz 2024 sales down amid global challenges

Investing.com -- Mercedes-Benz (OTC:MBGAF ) faced a challenging year in 2024, with full-year sales falling slightly below 2023 levels amid global economic headwinds and shifting market dynamics. 

The German automaker reported total sales of 2,389,000 cars and vans, despite reporting its strongest quarter of the year in Q4, during which it sold 625,800 vehicles.

Mercedes-Benz Cars delivered 1,983,400 vehicles over the year, with quarter-on-quarter sales rising to 520,100 units in the final three months. 

While this marked an improvement in markets like Germany, China, and the United States, the overall figures did not match the previous year’s performance. 

The automaker’s high-end offerings, including the Mercedes-AMG, S-Class, and G-Class, saw strong demand in Q4, with Top-End vehicle sales climbing 34% quarter-on-quarter to 82,800 units. 

The G-Class, boosted by the introduction of an all-electric model, posted its best quarterly performance ever. 

Similarly, Mercedes-AMG models like the AMG GT and AMG GLC reported record sales. 

Despite these successes, full-year Top-End sales dropped to 281,500 units, reflecting weaker demand in China and sluggish growth in the electric vehicle segment.

Core segment sales provided some stability, increasing 6% year-on-year to 1,167,100 vehicles. 

Key models such as the GLC and E-Class drove demand, with plug-in hybrid sales rising 13% globally. 

However, slower adoption of battery electric vehicles (BEVs) in core markets offset these gains.

Mercedes-Benz Vans contributed 405,600 units to the company’s total sales for the year. 

The division showed resilience in Q4, with sales jumping 16% compared to the previous quarter, making it the strongest quarter of 2024. 

European markets led the growth, particularly in midsize and small vans. However, the planned discontinuation of the Metris in the U.S. and model transitions in Europe and China weighed on full-year results.

Electric vans offered a bright spot, with Q4 sales up 59% quarter-on-quarter, driven by the new eSprinter. 

Despite a subdued market for electric vehicles in Europe, eVans sales reached 19,500 units for the year, maintaining a global EV share of 5%.

Klaus Rehkugler, head of sales and marketing for Mercedes-Benz Vans, in a statement said that while global challenges affected overall sales, the company’s updated product lineup has positioned it well for competition moving forward.

With a new model launch coming up, Mercedes-Benz hopes to rev up sales. 

Its full-year results, however, flag the challenges automakers face in adapting to a market landscape marked by economic uncertainty and uneven demand for electric cars.

Shares of the German automaker were up 2.2% at 04:51 ET (09:51 GMT).

Source: Investing.com