Mercedes-Benz profit slides amid cutthroat Chinese market

Mercedes-Benz reported a decline in first-quarter profit due to intense competition in China. The company's net profit fell by over 17 percent compared to the previous year, hit by difficulties in China where car sales by volume dropped 27 percent in the first three months. Mercedes is working with local firms to develop "China-fit vehicles" amid a brutal price war and fierce competition from local players.