Mercedes-Benz Q3 2026 results: BEV sales hit record high, but adjusted profit falls 15%

Mercedes-Benz reported third-quarter revenue of €30.7 billion (approximately HK$261 billion), down 4.5% year on year. Adjusted operating profit also fell 15%, as intensifying competition in China continued to weigh on its car business.

There was a brighter spot, however: sales of fully electric vehicles (BEVs) reached a new quarterly record, with deliveries rising 61% year on year.

Q3 2026 results at a glance

The sharp increase in reported EBIT was largely due to the impact of adjustment items in the same period last year. It does not reflect an equivalent improvement in underlying profitability. Adjusted EBIT, which better reflects day-to-day business performance, fell 15%.

China weighs on car division profits

Mercedes-Benz sold 407,232 cars worldwide in the third quarter, down 8% year on year.

Adjusted EBIT at Mercedes-Benz Cars fell by around 51% to €560 million (approximately HK$4.76 billion), while its adjusted return on sales dropped from 4.8% to 2.5%.

The decline was attributed to fiercer competition in China, higher costs associated with new model launches and foreign exchange effects.

Other markets performed better. Car sales in Europe rose 5% year on year, including a 13% increase in Germany, while sales in the US grew 6%. Markets outside China have now recorded sales growth for three consecutive quarters.

Record BEV sales

Fully electric vehicles were the standout performer in the third quarter. BEV sales rose 61% year on year and 29% quarter on quarter to a new quarterly record.

BEVs accounted for 16.8% of its global car sales. Including plug-in hybrids, electrified models made up 25% of deliveries.

Europe was particularly strong. Nearly half of all Mercedes-Benz cars sold in the region were electrified, with almost one in three being fully electric. The company also reported strong demand for its latest electric models, with some European orders extending into 2027.

Vans and financial services provide support

Mercedes-Benz's commercial vehicle and financial services divisions helped offset some of the pressure on its passenger car business.

• Mercedes-Benz Vans: Adjusted EBIT reached €397 million (approximately HK$3.37 billion), with an adjusted return on sales of 9.4%. Electric van sales increased 12% year on year.
• Mercedes-Benz Financial Services: Adjusted EBIT rose 42% to €445 million (approximately HK$3.78 billion), while return on equity improved from 9.6% to 13.8%.

Record EV sales, profit under pressure

Mercedes-Benz's third-quarter results show a mixed picture. Demand for fully electric cars is growing, and sales have improved across Europe and the US, but profitability in the passenger car division remains under pressure.

China's competitive market continues to be a key challenge, leaving Mercedes-Benz with the task of turning stronger EV demand into more sustainable earnings.

Source: Mercedes-Benz Group Q3 2026 financial results

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