German luxury vehicle brand Mercedes-Benz enjoyed a significant jump of more than 100 per cent in its sales of electric vehicles (EVs) in the third quarter of this year, in spite of stubborn supply chain bottlenecks in the automotive industry.

During three months ended on 30th of September (July to September), Mercedes-Benz sold 30,000 EVs, up 115 per cent year-over-year. Surprisingly, the luxury brand’s EV sales outpaced every other segment in the three-month period under review. Strong sales of EVs pushed overall vehicle deliveries up by 21 per cent, and happened in spite of various challenges in the industry, including ongoing supply chain bottlenecks.

Commenting on the luxury brand’s strongest quarterly sales so far this year, Mercedes-Benz board member Britta Seeger noted that continued robust demand for Mercedes-Benz EVs resulted in the company’s strongest sales quarter this year.

Speaking on the topic, Seeger said, “In a challenging business environment – primarily defined by ongoing semiconductor shortages – we continue to see robust demand for Mercedes-Benz resulting in the strongest sales quarter this year.”

It is interesting to note here that the head of global auto research at UBS, Patrick Hummel, recently issued a stern warning that investors could continue to face challenges ahead in the automotive industry. He, in particular, explained that American automobile giants like Ford Motor Co. and General Motors will likely suffer a decline in demand while their input costs will continue to elevate, resulting in a notable fall in profits. However, he maintained a buy rating for Mercedes-Benz stock.

Maintaining a buy rating for Mercedes-Benz stock, Hummel explained that luxury automakers like Mercedes-Benz would be in a better position to earn better profits, thanks to wider margins and a more resilient consumer base.

Through the first nine months of this year (January through September 2022), the company sold 75,400 EVs, up 126 per cent from the corresponding period of 2021. The Mercedes EQA emerged as the top-selling EV, with 29 per cent increase in sales that settled at 14,900 units.

The German car brand is also building its own network of charging station (Mercedes me Charge). As of end of Q3, the network was offering as many as 850,000 charging points worldwide, up 70 per cent year-over-year. Expanding its charging network is part of the company’s bigger plan to become an all-electric auto brand by the end of current decade.