Mercedes-Benz one of the leading luxury car manufacturers is still feeling the heat in the electric vehicle Market the company is reported a challenging third quarter as heavy price Cuts in supply chain issues put pressure on their earnings take a look at our next report for more Mercedes ben says the market for electric vehicles is getting brutal and it warns that could bite into profit margins over the coming months the luxury car maker on Thursday posted a near 7% drop in pre-tax earnings they sank to just over5 billion in the third quarter Mercedes said Fierce price competition and supply chain issues were making the EV Market a tough battle the company says some Rivals are selling electric cars for less than traditionally powered models even though they cost more to make Chief Financial Officer Harold vilhelm said the status quo could not be sustainable for the industry Mercedes shares fell around 5% ENT in early trade following the warning car makers from Ford to Tesla have been slashing prices this year in a bid to prop up demand Mercedes has largely refrained from following suit but says inflation and other factors weighed on earnings over recent months that Echoes comments earlier in the week from Porsche which said the luxury sector wouldn't be immune to global economic worries on a more positive note Mercedes said the industry was beyond the worst on inflation and energy costs beon is now available in your country download the app now get all the news on the move
