Mercedes-Benz electric car sales plunge by a third as Chinese competition and stuttering demand hit home

Europe's automakers are struggling amid falling demand and increased competition from China, with Mercedes-Benz the latest to sound the alarm over plunging EV sales.

The German carmaker said it had seen a 31% drop in sales of battery-powered cars from a year earlier as it reported its third-quarter earnings on Friday.

Sales of all Mercedes cars in China also slumped by 10% in the first nine months of the year amid waning demand for luxury vehicles.