Mercedes-Benz shares were sharply lower Thursday after the German carmaker reported a decline in profit and revenue as challenges from electrical vehicle competition to supply chains.
On an analyst call regarding the results, Chief Financial Officer Harald Wilhelm described the EV market as a "pretty brutal space," Reuters reported.
"I can hardly imagine the current status quo is fully sustainable for everybody," Wilhelm said, according to the news agency.
Group earnings before interest and taxes (EBIT) fell 7% to 4.8 billion euros ($5.06 billion) in the third quarter.
Revenue was down 1.4% to 37.2 billion euros, below the consensus estimate, as passenger car sales dropped 5%, partially due to supply chain challenges.
Persons:
Harald Wilhelm, Wilhelm
Organizations:
Mercedes, Benz, Reuters, Revenue
Locations:
Brussels, Belgium, Frankfurt, London, EVs