The automotive sector has been undergoing a significant transformation towards sustainability in recent years. Like many other manufacturers, Mercedes-Benz had shifted towards the electric vehicle market. However, the pre-sales figures for the second quarter of 2024 show that the demand for electric vehicles was slower than expected. According to the data released by the company, from April to June 2024, total vehicle sales decreased by 4% to 496,700 compared to the same period of the previous year. The 25% drop in electric vehicle sales is particularly notable. Only 45,800 electric vehicles were sold, marking a significant decrease compared to the same period in 2023. The company also noted that its market share declined from 12% to 9.2%.
Significant Drop in Electric Vehicle Sales for Mercedes
This situation at Mercedes-Benz is associated with a decrease in global demand for electric vehicles. Particularly, a reduction in demand in major markets is preventing the company from meeting its sales targets. Company officials explain the current situation with insufficient customer demand and emphasize that this trend has been observed across the industry lately.
Plug-in hybrid electric vehicles (PHEVs) also experienced a similar decline. In the second quarter of 2024, Mercedes-Benz reported selling 44,200 PHEVs, making the total sales of electric and hybrid vehicles 90,000. This indicates a 6% decrease compared to the same period of the previous year. The total number of rechargeable vehicles sold by the company in 2024 was announced as 180,100.
This data indicates that interest in electric and hybrid vehicles in the automotive sector is beginning to decline and how manufacturers will respond to this new situation. How a major brand like Mercedes-Benz will adapt to these changes and shape its electric vehicle strategies in the coming periods is a matter of curiosity.