Operating profit has slumped at German carmaker Mercedes-Benz driven by the cost of restructuring, weak demand in China, US tariffs and provisions for potential car finance mis-selling in the UK.
In the period between July and September, the group recorded profit before interest and tax of €750mn, a 70 per cent decline on the same period the previous year. But the company maintained its full-year guidance and shares rose 6 per cent at the start of trading on Wednesday.
The profit fall was influenced by the cost of a major restructuring programme launched this year. Workforce cuts in Germany and restructuring overseas cost €876mn in the quarter, the company said.
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