Mercedes-Benz Group shares fell 8% on Friday after the German carmaker made another cut to its full-year guidance, citing a slowdown in car sales caused by a slump in China’s economy.

German auto giant Mercedes-Benz is recalling more than half a million cars in China due to a technical defect. The Chinese market regulation authority said on Friday that the company has presented a recall plan which is due to take effect from November 27.

Mercedes shares fell more than 8% Friday after the German carmaker cut its 2024 guidance on the back of weaker demand from China.

Mercedes-Benz Group AG shares fell the most in four years after a deepening slowdown in China prompted the world’s biggest luxury-car maker to cut its outlook.

The German luxury carmaker said the move was triggered by the further deterioration of the macroeconomic environment, specifically in China.

Mercedes-Benz and its Chinese joint venture with BAIC Motor will recall a total of 523,094 imported and domestically manufactured vehicles in China over potential safety hazards, China's market regulator said on Friday.

Mercedes-Benz has announced a major recall in China affecting over 500,000 vehicles due to a technical fault. Begins November 27. The issue stems from a defective wheel speed sens

Mercedes-Benz Group AG cut its financial forecast due to a rapid deterioration of its business in China, marking the latest blow to Germany’s struggling industrial sector.