Mercedes-Benz Stock Tumbles Nearly 6% After German Auto Giant Warns Of 'Brutal' EV Market
Portfolio Pulse from Anan Ashraf
Mercedes Benz Group AG (OTC:MBGAF) warned of a 'brutal' EV market affecting its outlook during the company’s third-quarter earnings call. The company's EBIT fell 7% to 4.8 billion euros and revenue shrank by 1.4% to 37.2 billion euros. The company now expects to touch the lower end of its 12-14% adjusted return on sales forecast for the cars division.
October 26, 2023 | 10:16 am
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Mercedes Benz's stock fell nearly 6% after the company warned of a 'brutal' EV market and reported a 7% fall in EBIT and a 1.4% shrink in revenue.
The company's warning of a 'brutal' EV market and disappointing Q3 results directly led to a nearly 6% fall in its stock price. This indicates a negative short-term impact on the company's stock.
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