Mercedes-Benz Puts Steer-by-Wire EQS on Sale as Buybacks Cushion a China-Shaken Stock

Mercedes-Benz opens global EQS steer-by-wire orders as Q3 BEV deliveries rise 61% to 68,400, while group sales slip 6% and shares near a 52-week low.

Mercedes-Benz has opened global order books for the steer-by-wire steering system in its new EQS sedan, a move the Stuttgart manufacturer bills as a first among German automakers in series production. Dropping the mechanical steering column is the company's way of flexing its engineering muscle in the high-margin luxury tier, where technical edge is seen as the lever for defending pricing power against international rivals.

The commercial rollout landed against a rough trading backdrop. The shares shed 1.7% on Thursday to close at EUR 39.22, with investors focused squarely on operating strains and cautious customers in key overseas markets.

Electric sales hit a high-water mark

Battery-electric vehicles were the bright spot in the third quarter. The core brand notched a fresh record, with worldwide BEV deliveries climbing 61% to 68,400 units. That surge stands as a vital prop for the group, suggesting the money poured into alternative powertrains is paying off even as the broader business stays under the cosh.

The wider picture is less flattering. Passenger-car deliveries across the third quarter fell 8% to 407,200 units, dragged down above all by China, where volumes dropped 31%. Including vans, group-wide sales slipped 6% to 491,700 vehicles. Because high-margin luxury models traditionally generate a hefty slice of profits in Asia, the region's momentum will shape profitability in the quarters ahead.

Buybacks and a Paris showcase

While grappling with that softness, management is leaning on capital-market support. Between early September and early October, Mercedes-Benz repurchased more than 3.8 million of its own shares, according to media reports. A separate disclosure covering 28 September to 2 October logged the acquisition of 875,000 shares for a transaction volume of EUR 35,637,298.00. Keep that buyback pace going, and it should lend the stock a hand through further swings.

There is also a product story to tell. Mercedes-Benz confirmed the steer-by-wire steering system is now orderable worldwide across all EQS markets. Next up is the Paris motor show, running 12 to 18 October, where management has scheduled a press conference on 12 October at 14:45 CEST. A strong showing there could shore up confidence in the model pipeline.

Cost cuts stir up internal friction

Away from the show floor, the internal savings drive is weighing on the company. According to dpa, the dispute over cutbacks has sharpened, with production chief Michael Schiebe raising the prospect of closing two German plants if production costs fail to come down further. The company stressed that keeping all domestic sites remains the overriding goal.

What the charts and the calendar say

The stock is edging dangerously close to its 52-week low of EUR 38.90, a level that marks a pressure point for investors. Thursday's 2.1% decline took the shares to EUR 39.06, and the soft signals from operations are colliding with an already gloomy mood across Europe's leading bourses. Reuters reported the DAX fell below the 25,000 mark on Thursday, accompanied by a sharp jump in oil prices — a weak overall market that doubles the weight of Mercedes-Benz's fundamental headwinds.

Whether the current valuation already reflects the economic risk, or another leg down looms, is now the call investors have to make. The bull case rests on the market overstating the sales dip: if the group can hold profitability at a solid level despite lower volumes, the low may hold. The bear case feeds on the danger of a lasting structural shift in China — a continued or accelerating fourth-quarter slump there would put the targeted return base at risk, while a drawn-out price war and local competition could force concessions on selling prices. Rising energy costs and geopolitical tensions threaten to dampen demand in Europe and North America too, and if the global auto sector cools further, volume losses in Asia cannot be offset elsewhere. A decisive break of the yearly low would likely unleash additional technical selling.

For now, the directional call hinges on specific markers and dates. As long as the EUR 38.90 floor holds on a closing basis, a technical stabilization remains possible; a sustained breach opens the door to a fresh yearly low. Management offers early detail in a pre-close call for analysts and investors on Thursday from 17:30 to 18:00 CEST. The decisive fundamental test comes on 28 October 2026, when Mercedes-Benz Group publishes its full third-quarter report alongside an analyst conference — the numbers that will finally reveal how hard margin pressure has hit operating profit.