Mercedes shares slump over 6% after carmaker cuts 2024 guidance on weak China demand

Mercedes shares fell more than 8% Friday after the German carmaker cut its 2024 guidance on the back of weaker demand from China.

The company said it now expects earnings before interest and taxes (EBIT) to come in "significantly below" the previous year and that its adjusted return on sales would be between 7.5% and 8.5%, down from its earlier forecast of 10% to 11%.

Shares pared losses slightly to trade 6.5% lower as of 9:02 a.m. London time.

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