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-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 has cut its full year profit margin target for the second time in less than two months, joining a growing number of rivals blaming a weakening Chinese car market, the world’s largest.

Chief executive Ola Källenius told analysts on Friday that the company’s issues stemmed “mainly [from] China” but added that in other markets, such as Europe, Mercedes-Benz was also still feeling “the [impact] of higher interest rates”.