00:00It's Benzinga, and here's what's on the block.
00:02Mercedes-Benz shares dropped over 8% Friday after the automaker cut its 2024 guidance,
00:08citing weak demand in China and ongoing trade tensions.
00:11The company expects earnings before interest and taxes to fall significantly below last
00:15year's level.
00:16Mercedes also cited China's economic downturn and real estate troubles as key factors hurting
00:21sales.
00:22BMW and Volvo also faced losses due to similar issues, with the European auto sector down
00:27more than 3%.
00:28To help things money, visit Benzinga.com.
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