Best Ever Quarter For Rolls-Royce In Its 116-Year History As Wealthy Customers Spend More

The best quarterly performance in its 116 year old history as a luxury car maker was reported by Rolls-Royce Motor Cars for its latest completed quarter. The company said that there was strong demand from the wealthy of the world for its luxury SUVs, priced at $330,000, and other models which helped the company to report an all time record for sales in the first quarter of the current year.

In the first quarter, 1,380 cars were delivered by the luxury car company which is owned by BMW. That number was 62 per cent more than the deliveries made by the company in the same quarter a year ago when the manufacturing and sales of the company had started to be affected by the Covid-19 pandemic, the company said. The previous quarter for record sales for the company was in 2019 and this latest completed quarter set a new record for the company surpassing the previous 2019 record.

There was strong demand especially for the company’s Cullinan model, the nearly 3-ton SUV of the company that comes with a beginning price of $335,000 but is typically sold for more than $400,000 when it is fitted with options and customizations, the company said. The new Ghost model, which has a starting price of about $332,000 and has an optional LED interior roof that simulates a starry sky, also exhibited strong demand among wealthy customers, the company said.

The record breaking quarterly performance by Rolls-Royce also clearly indicates that the wealthy of the world, whose personal wealth has increased by trillions of dollars since the beginning of the Covid-19 pandemic because of rise in share market performance, are now ready to spend and splurge a part of their wealth. In recent times, strong demand and sales have also been reported by the other high-end car companies such as Bentley and Lamborghini.

Rolls-Royce said demand continues to remain strong “with order books extending well into the second half of 2021.”

“We’ve responded to recent challenges with our customary boldness, imagination and inventiveness, underpinned by meticulous planning and a relentless focus on our customers’ needs and requirements,” CEO, Torsten Muller-Otvos, said in a statement.

(Adapted from CNBC.com)



Categories: Economy & Finance, Strategy, Sustainability, Uncategorized

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