TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Mar 30, 2023

Rolls-Royce says super rich keep on buying luxury cars

Rolls-Royce says super rich keep on buying luxury cars

A cooling economy isn’t stopping the very wealthy from buying a Rolls-Royce.
“We haven’t seen any downturn in order intake here over the last months,” Rolls-Royce Motor Cars Ltd. Chief Executive Officer Torsten Müller-Ötvös told Bloomberg Television. “I’m cautiously optimistic about this year.”

While Rolls-Royce isn’t immune to a recession, the global distribution of its customers protects the luxury-car maker somewhat, the CEO said. The British company is coming off a record year, having delivered more than 6,000 vehicles in 2022.

Rolls-Royce, owned by Germany’s BMW AG, plans to sell only battery-powered vehicles by the end of this decade. The British manufacturer in October showed off the Spectre, an all-electric coupe with a zero-to-60 mph sprint time of 4.4 seconds.

Orders for the Spectre, which is supposed to arrive in the fourth quarter, are “exceeding our highest expectations, the CEO said, adding that the brand is attracting new customers because it’s going electric.

The overall luxury market may cool slightly this year and it’s too early to predict how China will develop, even as it’s encouraging that travel from the Asian country is picking up, Müller-Ötvös said.

“Once the pandemic is over in China, I foresee again growth patterns to happen there as well,” he said. “The rest of the world is pretty stable.”

Rolls-Royce sales rose 8 percent last year to 6,021 cars as growing demand in the Americas offset declines in China, with customers spending around €500,000 ($537,100) per vehicle on average.

The Cullinan, the brand’s first sport utility vehicle, was Rolls-Royce’s best-selling model making up almost half of deliveries, the CEO said.
Newsletter

Related Articles

TIMES.KY
Close
0:00
0:00
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
Nashville style execution
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
AMERICA, 2023
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
UK: Humza Yousaf replaces Nicola Sturgeon as SNP leader and first minister in Scotland
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Mexican President Claims Mexico is Safer than the U.S.
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Don Lemon, a CNN anchor, has provided a list of five areas that he believes the black community needs to address.
×