China's car sales maintained their growth pace in 2024 as sales of electric vehicles and plug-in hybrids in the world's largest auto market hit a record high amid a brutal price war and with subsidised trade-ins for greener vehicles driving purchases.

China has renewed a trade-in subsidy of up to 20,000 yuan ($2,730) to help underpin sales of fuel-efficient vehicles, including electric cars and hybrids.

Benz's core car sales fell in 2024, a tough year for the auto industry marked by waning demand in a weak economy, especially in China, the German luxury carmaker said on Friday. Despite this, Mercedes stock inched higher after the results and was up 4% by 1120 GMT,

Car sales fell 3% to 1.98 million last year in a challenging global market, with top-end vehicle sales weighed by market conditions in China, model changes and weak electric-vehicle demand.

German luxury carmaker Mercedes-Benz sold fewer vehicles in 2024 than in the previous year, the company reported on Friday. The sales decline slowed somewhat in the fourth quarter thanks to a slight recovery in the Chinese market.