German automotive giant Mercedes-Benz announced that its net profit for 2024 fell by 28 percent compared to the previous year, falling to 10.4 billion euros due to decreased demand in the Chinese market.
The German company stated that it plans to reduce production costs by 10 percent, as officials expect a low profit rate and a decline in sales in 2025 as well. It has not yet been mentioned whether there will be layoffs or not.
Representatives of the automotive sector, one of the sectors most affected by the crisis in the German economy, had announced that they expected a better economic picture to emerge after the elections in the country.
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