Mercedes-Benz profits plunge as German carmakers reel

FRANKFURT, Feb 20 (AFP): Mercedes-Benz said Thursday it planned hefty cost cuts after its 2024 profits plunged by almost a third amid a slump in China and weak electric car sales, as Germany's auto sector reels.

The German auto giant's net profit fell 28 per cent from the previous year to 10.4 billion euros ($10.8 billion), while revenues also slid about four per cent to 145.6 billion euros.

The group announced plans to slash production costs by a tenth by 2027 and also gave a bleak outlook for this year, saying it expected lower sales and leaner profit margins.