STUTTGART, Germany, Oct. 29 (Xinhua) -- Germany's luxury carmaker Mercedes-Benz on Wednesday published its Q3 financial results which pointed to a continuous decline in unit sales and revenue.
As one of the world's leading suppliers of premium and luxury cars and vans, the company reported an 8.3 percent drop in unit sales to 1,341,427 vehicles in the first three quarters.
Mercedes-Benz vans sales fell 7.9 percent year-on-year to 83,843 units in the third quarter, while total van sales for the period declined 13.3 percent, indicating a slower pace of contraction.
Lower sales volume, increased expenses due to tariffs and negative development of foreign exchange rates were cited by the company as key reasons for the sharp drop in third-quarter earnings.
The adjusted group earnings before interest and taxes (EBIT) in the third quarter was 17 percent lower than the same period last year.
The company's third-quarter revenue fell 7 percent year on year to 32.15 billion euros (37.42 U.S. dollar), while net profit dropped 31 percent to 1.19 billion euros.
The company aims to overcome its crisis through cost-cutting and a new model push led by the electric CLA and GLC. The restructuring costs rose to 876 million euros in Q3, up from over 400 million euros in Q2. (1 euro = 1.16 U.S. dollar) ■
