Mercedes EV Sales Plunge in Q3: The Company Will Keep Investing in Combustion Engines

Summary

• Mercedes electric car sales have dropped significantly in the third quarter of 2024, contrasting sharply with the increasing sales of its rival, BMW.
• Mercedes-Benz has recently adjusted its ambitious EV targets for 2030, reflecting a broader industry trend of declining consumer interest in electric vehicles.
• The company has announced plans to extend its investment in internal combustion engine development, suggesting a more balanced approach to powertrain technology.
• Other automakers, including Volkswagen and Volvo, have also faced difficulties in achieving their EV sales goals, indicating a broader industry trend.
• The declining sales of electric vehicles raise questions about shifting consumer preferences and the long-term viability of the EV market.

Mercedes-Benz faced a challenging third quarter as its electric vehicle (EV) sales took a significant hit. Both its passenger car and van divisions saw a marked decline in demand for fully electric models, reflecting a broader global downturn in EV interest. This trend arrives just months after Mercedes-Benz announced a strategic shift, tempering its ambitious EV targets for 2030—a move that is closely correlated with this recent slump. Meanwhile, competitors like BMW have reported substantial gains in EV sales, highlighting a sharp contrast in the luxury automotive landscape. 

The recent sales figures underscore the shifting dynamics in consumer preferences for electric vehicles and raise questions about Mercedes-Benz’s long-term EV strategy. As the industry continues to navigate a volatile market, Mercedes-Benz continues re-adjusting its approach to fully electric models and even announced the company will extend investment in internal combustion engine development further than anticipated.