Slump in electric car demand hits Mercedes sales in Q2

BERLIN (Reuters) – Mercedes-Benz (OTC:) saw a 6% decline in sales in the second quarter as demand for battery-electric vehicles slumped, the carmaker said on Wednesday, promising to make up lost ground with improved availability and market launches.

The company said it sold 600,100 cars and vans in the second quarter of 2024. Of those, 51,000 were battery-electric vehicles, representing a 23% year-on-year drop.

“The ramp-up of electric vehicles slowed in key markets, while the company focused on healthy growth in a market environment characterised by heavy discounting,” Mercedes said in a statement.

It said its cars segment expects a sales boost in the second half of the year due to improved product availability and market launches.

Rival BMW (ETR:) reported a 1.3% decrease in its overall sales in the second quarter. Its sales of battery-electric vehicles were up 22.2%.