Mercedes-Benz cut its full-year profit margin target for the second time in less than two months, hitting European auto stocks as it joined a growing number of rivals that are blaming a weakening Chinese car market,

The German luxury carmaker said the move was triggered by the further deterioration of the macroeconomic environment, specifically in China.

Las acciones de Mercedes-Benz Group AG registraron la mayor caída en cuatro años después de que una desaceleración cada vez más profunda en China llevara al mayor fabricante de automóviles de lujo del mundo a recortar sus perspectivas.

Mercedes-Benz’s all-important China motor is sputtering. The $64 billion luxury carmaker warned of collapsing earnings and free cash flow this year, as a real estate bust in the People’s Republic means less demand for upmarket rides.

German auto giant Mercedes-Benz is recalling more than half a million cars in China due to a technical defect. The Chinese market regulation authority said on Friday that the company has presented a recall plan which is due to take effect from November 27.

Mercedes-Benz has announced a major recall in China affecting over 500,000 vehicles due to a technical fault. Begins November 27. The issue stems from a defective wheel speed sens