Mercedes-Benz Group has reported revenue of €145.6bn ($151.9bn) for full year 2024, marking a 4.5% decrease from the €152.4bn recorded in 2023. Net profit for the year 2024 also saw a decline, reaching €10.

The 2025 Mercedes-Benz S 580e 4Matic plug-in hybrid luxury sedan continues unchanged with a base price of $129,350. That base price, which includes a $1,150 destination charge, is just $450 more than the 2024 model and a negligible increase for a six-figure sedan—one that's now in its third model year.

The luxury-car maker has outlined plans to boost competitiveness that include a 10% cut to production costs over the next couple of years.

Mercedes-Benz on Thursday launched a fresh cost-cutting plan to revive sales and margins and battle stiff competition as the German carmaker forecast a big drop in earnings in 2025. Its car division reported a 40% slump in 2024 earnings as sales in the key Chinese and German markets took a battering.

Mercedes-Benz has warned that its profits will be “significantly” lower this year as the German carmaker battles a steep drop in demand. The warning came as the Stuttgart-based company reported that net profits fell 28 per cent to €10.

German luxury carmaker Mercedes-Benz experienced a significant decline in profits last year, primarily due to weakening business in China, according to annual earnings figures released on Thursday. The company's net profit fell 28% year over year to €10.

Mercedes-Benz said Thursday it planned hefty cost cuts after its 2024 profits plunged by almost a third amid a slump in China and weak electric car sales, as Germany's auto sector reels. German manufacturers all invested heavily in China in recent decades and came to rely on the world's biggest auto market for a hefty chunk of their sales and profits.