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 lowered its full-year outlook, a move it said was triggered by the further deterioration of the macroeconomic environment, specifically in China.The German luxury car brand on Thursday said its cars unit is now expected to post an adjusted return on sales between 7.

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.

Mercedes-Benz and its Chinese joint venture with BAIC Motor will recall a total of 523,094 imported and domestically manufactured vehicles in China over potential safety hazards, China's market regulator said on Friday.

Mercedes-Benz’s profit outlook has taken a hit as China’s luxury car market slows. Shares plummet 7.5%. Mercedes-Benz has joined a growing chorus of automakers facing headwinds in China,cutting its full-year profit margin target for the second time in less than two months.

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.