Money & The Economy

Luxury Car Sales Surge Amid Global Supply Chain Disruptions and Record Inflation

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Luxury car sales surged in 2021 while mainstream car companies struggled amid global supply chain disruptions and soaring inflation, The Wall Street Journal reported.

Luxury car brands, including Rolls-Royce, Bentley, Porsche and BMW, all reported record sales in 2021, the WSJ reported. Reduced international travel reportedly encouraged high-end car users to boost their vehicle purchases.

Meanwhile, the auto industry was crushed by supply chain bottlenecks and worsening chip shortages causing companies to curb production, the WSJ reported.

“We are hardly affected by the chip shortage,” Alain Favey, sales chief at Bently Motors Ltd., which is owned by Volkswagen, told the WSJ.

“The process in the VW group is very centralized. One of the elements to decide on allocation is the margin of profitability,” Favey said. “From that perspective we are prioritized, so we managed to get all of the chips we needed.”

Bentley sold a record 14,659 cars in 2021, a 31% increase from 2020, the WSJ reported. Porsche, also owned by Volkswagen, sold 301,915 vehicles globally, an 11% increase from the prior year.

BMW, the top-selling luxury car brand, sold 336,644 cars globally in 2021, a 21% increase from 2020, the WSJ reported. Lexus, owned by Toyota, came in second, selling 304,476 vehicles in 2021, an 11% increase from 2020.

Electric car giant Tesla recorded an 87% increase in global deliveries, selling approximately 299,000 cars in the U.S. in 2021, according to the WSJ. Meanwhile, Rolls-Royce, whose cars sell reportedly sell for over $300,000, sold a record 5,586 vehicles in 2021, marking a 49% year-over-year increase.

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