Investing.com -- Daimler Truck (ETR:DTGGe) shares traded lower on Wednesday following its third-quarter 2024 sales update, which posted a decline in overall unit sales compared to the same period last year.
The company reported sales of 114,917 trucks and buses, down from 128,861 units in the third quarter of 2023, reflecting weaker demand in key markets.
The decline was largely driven by decreased sales in two of Daimler Truck's major segments. Mercedes-Benz (OTC:MBGAF) trucks saw a drop, selling 28,688 units in the third quarter, compared to 40,077 units in the same period last year.
Trucks Asia also faced a downturn, with 32,245 units sold, down from 38,052 units in the third quarter of 2023. These decreases outweighed gains in other areas of the business.
In contrast, the company saw a slight improvement in its North American market, where the Trucks North America division reported sales of 49,176 units, up from 47,249 in the previous year.
However, this increase was not enough to offset the broader sales slump.
Daimler’s battery-electric vehicle (BEV) sales provided a small but positive highlight, as the company sold 666 electric trucks in the third quarter, up from 491 units in Q3 2023.
Despite this growth, the overall share of BEVs remains relatively small within the company's broader sales portfolio.
The company’s bus segment, Daimler Buses, saw marginally lower sales compared to the previous year, with 6,677 units sold in the third quarter of 2024, down slightly from 6,789 units in the third quarter of 2023.