Rolls-Royce 2022 sales skyrocket, CEO says rich people do not reduce spending

Rolls royce car

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According to CEO Torsten Muller-Otvos, Rolls-Royce has sold a record number of vehicles in 2022 as demand for its $500,000 cars remains strong, despite concerns about a recession. economic.

“We haven’t seen any slowdown or recession yet,” Muller-Otvos told CNBC. “We haven’t seen any negative effects yet.”

Rolls-Royce delivered 6,021 vehicles last year, up 8% from 2021 and the company crossed the 6,000 mark for the first time. The British car company owned by BMW does not destroy profits and revenue. However, the company says the average price of a Rolls Royce skyrocketed to $534,000 last year – thanks in large part to a customization program called Bespoke.

With Bespoke commissions, customers can help design and customize their Rolls-Royce cars with everything from unique paint colors to silk-embroidered ceilings, one-of-a-kind wood finishes and champagne cabinets. personalized.

The company opened an invite-only Private Office in Dubai to better serve its VIP and Bespoke clients in the Middle East, the leading region for highly customized ‘High Bespoke’ vehicles, It also said there will be more Private Offices around the world in the coming months .

Still, the US remains Rolls-Royce’s largest market overall in 2022, accounting for nearly 35 percent of its global sales, Muller-Otvos said. China, the company’s second-largest market, saw a slight drop in sales but still accounted for 25% of global sales and was the company’s second-biggest year of growth. Muller-Otvos said China’s reopening and economic recovery could help China become the biggest market in the future.

“I foresee that market being a great business for us,” he said. “Especially in the luxury segment, it’s in growth mode. I wouldn’t be surprised if one day China becomes the biggest region for us worldwide.”

Muller-Otvos says the company’s SUV, the Cullinan, is its best-selling product in 2022, accounting for about half of global sales. Its Ghost model accounts for more than 30% of sales, while Phantom accounts for about 10%.

Meanwhile, the biggest launch in 2022 of car manufacturers is a ghostRolls-Royce’s first electric car and the beginning of plans to become fully electric by 2030.

Specter, which starts at $413,000, had over 300 pre-orders from US customers before its official launch last October. Muller-Otvos said US orders have continued to rise, though he declined to provide figures.

“Definitely more than 300,” he said. “The order book has exceeded our expectations — even our highest expectations.”

Muller-Otvos said Rolls-Royce has a large order backlog that will help the company fend off any potential recession. Pre-orders last for almost a year, meaning anyone buying a Rolls-Royce today will most likely have to wait between 10 months and a year, depending on make and features.

For 2023, Muller-Otvos said it is difficult to predict so early, but early signs suggest strength will continue.

“I’m not saying we’re immune to recession trends. We’ve seen years of our business take a hit. So let’s just ignore that that didn’t happen this year. I cautiously optimistic we’ll have another strong year in 2023,” he said.


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