Mercedes gets shares boost on stable second quarter despite China woes
Mercedes-Benz shares rose 5.6% after the company reported a 22% increase in second-quarter operating profit to €1.5 billion, despite a 30% drop in car sales in China. The automaker maintained its core margin forecast of 3%-5% for the year but scrapped previous sales and revenue projections, citing ongoing pressure from the Chinese market and rising competition. CEO Ola Kaellenius emphasized the need for further cost-cutting measures in the second half of the year to navigate the challenging environment.