The German automotive manufacturer Mercedes-Benz reported results below expectations during the first quarter of the current year, due to supply chain issues and model changes.

The company, based in Stuttgart, announced a decline in its total revenue during the first quarter by 4.4% year-on-year to €35.9 billion ($37.4 billion), while its earnings before tax and interest fell by nearly 30% to €3.86 billion.

The passenger car sector, which is the most important for the company, recorded a decline in operating profit margin by 5.8 percentage points to 9%. The company's management, led by its CEO Ola Källenius, warned of the weak start to the current year.

This decline was due to falling sales and changes in the models within the higher-end, more profitable Mercedes cars. At the same time, consolidated earnings reached $3.03 billion during the first quarter of the current year, which is nearly 25% lower than the same period last year.

The German company maintained its forecasts for the entire year.