Mercedes-Benz EV Sales Slump 42% in Q3, Bucking Overall Growth Trend

Mercedes-Benz is facing a tough road with its electric vehicle lineup, according to recently reported Q3 sales figures. The luxury automaker saw EV sales plummet 42% compared to the same quarter last year, even as overall sales climbed.

EV Sales Nosedive

The numbers don’t lie – Mercedes’ trio of EVs took a beating:

• EQB sales down 31%
• EQE sales plunged 58%
• EQS sales dropped 33%

All told, Mercedes moved just 5,769 EVs in Q3 2024, way down from 9,984 in Q3 2023. The EQS got hit hardest, with sales halved compared to last year.

Shifting Gears on Electrification

Looks like Mercedes overestimated EV demand. They’ve already admitted being “too enthusiastic” about electrification goals. Now they’re changing course:

• Scrapped plans for a large EV platform set for 2028
• CEO Ola Kallenius says they’ll offer both EV and gas versions of the next S-Class
• Mimicking BMW’s strategy of parallel EV/ICE development

Silver Linings in the Sales Cloud

It’s not all doom and gloom for Mercedes. Despite the EV slump, overall sales are up 11% versus Q3 2023. SUVs are picking up the slack, and the new CLE coupe is a surprise hit with over 10,000 units sold.

EVXL’s Take

This setback for Mercedes highlights the challenges legacy automakers face in the EV transition. While concerning, it’s not unique – we’ve seen similar struggles from other German luxury brands like BMW and Audi.

The key will be how Mercedes adapts its strategy moving forward. Will they double down on improving their EV offerings, or retreat to the familiar territory of combustion engines?

The EV market is still evolving, and there’s room for Mercedes to course-correct if they can nail the right combination of range, performance, and pricing.

What do you think about Mercedes’ EV struggles? Share your thoughts in the comments below.

Photo courtesy of Mercedes-Benz.