Mercedes-Benz saw its third-quarter earnings in the core car division plummet by 64%, significantly missing analysts expectations. The decline is attributed to shrinking demand for luxury vehicles in China,

By Andrey Sychev (Reuters) -German premium automaker Mercedes-Benz on Friday said third-quarter earnings in the core car division plunged by 64%, massively missing analysts' estimates, as Chinese consumers continued to cut back on luxury goods in a weakening economy.

German carmaker Mercedes-Benz has suffered a sharp drop in profits in the third quarter due to the weakness of the important Chinese market. Mercedes-Benz reported on Friday that it also expects its earnings before interest and taxes (EBIT) and revenue to decline for the full year.

Apple (NASDAQ:AAPL) reclaimed its place in the top five smartphone companies by market share in China, helped by the launch of its new iPhone 16 series in the third quarter, according to data from research firm IDC.

Huawei ranked third in China's smartphone market last quarter, according to IDC. Apple returned to the top five, in second place.