Mercedes-Benz Group AG Chief Executive Officer Ola Källenius pledged he’ll do whatever it takes to bolster returns after the luxury-car maker warned on profit over sluggish sales in China.

Mercedes shares fell more than 8% Friday after the German carmaker cut its 2024 guidance on the back of weaker demand from China.

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,

Mercedes-Benz Group shares fell 8% on Friday after the German carmaker made another cut to its full-year guidance, citing a slowdown in car sales caused by a slump in China’s economy.

Benz on Thursday cut its full-year profit margin for the second time in less than two months, after overall sales volume fell in China. The ongoing weakness of the Chinese market for luxury cars prompted the Stuttgart carmaker to trim its outlook after having already done so as recently as July.

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