Mercedes-Benz writes off over 700 mln euros on China woes - Latest News

Premium German carmaker Mercedes-Benz July 28 reported falling profit at its car business as it wrote off over 700 million euros due to fierce competition in China. Though overall net profit for the quarter rose 13.5 percent to 1.09 billion euros ($1.24 billion), boosted by its vans and financial services businesses, core earnings at the key cars division fell 26 percent to 909 million euros, Mercedes said, hit by competition in China.

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