Discounts affect Mercedes’ share value

Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China due to changing market demand for top-end electric vehicles. It triggered a 6.7 percent fall in the premium carmaker’s share price on Wednesday. Europe’s automobile and parts slid 4.06 percent on the move, which highlights the challenges for foreign automakers struggling to break into China’s growing EV market. Sales of EVs in China are up 110 percent year-todate. A Goldman Sachs report said incentives like tax breaks have kicked in to motivate consumers to move away from internal combustion cars.