Mercedes-Benz, the German car manufacturer, saw its profit double in the third quarter despite a challenging environment. Its turnover is also up.
Mercedes-Benz doubled its net profit in the third quarter year-on-year to almost 4 billion euros. This is the result of improved sales, particularly in China, as well as higher prices. Despite the tensions that persisted this quarter in the supply chains, the manufacturer achieved a 19% increase in turnover to 37.7 billion euros.
In China, Mercedes-Benz sold 222,600 cars, an increase of almost 70% over a year.
“Mercedes-Benz has once again achieved strong results thanks to the high demand for our desirable products. In combination with our ongoing financial discipline, we are making the company more resilient and setting the tone for the months ahead as we continue to accelerate our transformation,” said Harald Wilhelm, CFO of Mercedes-Benz Group AG.
These results were driven by strong vehicle demand for the Mercedes-Benz Group, particularly for its premium and electric vehicles. Its sales of electric vehicles almost doubled in the first nine months of the year, with an increase of 183% in the third quarter.
The German group explains that “orders continue to exceed supply, which remains limited by the persistent shortage of semiconductors and logistical bottlenecks (…)”.
However, the group prefers to remain cautious for the months to come, citing the “exceptional degree of uncertainty” regarding macroeconomic and geopolitical conditions as well as the situation in Ukraine and Russia.
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