Connect with us

Hi, what are you looking for?

Business

Rolls-Royce boss says COVID deaths were good for business

The prospect of dying unexpectedly from COVID-19 can concentrate the mind wonderfully — on buying an expensive car. That’s according to Rolls-Royce chief executive Torsten Müller-Otvös, who said the luxury automaker sold more cars last year than it did during any other year in its 117-year history. Müller-Otvös told the Financial Times he believes Rolls-Royce rolled to its record because the pandemic got people to realize that “life can be short.” “Quite a lot of people witnessed people in their community dying from COVID, that makes them think life can be short, and you’d better live now than postpone it to a later date,” he said. “That also has helped [Rolls-Royce sales] quite massively.” According to the FT, the British luxury automaker sold 5,586 units last year — a 49% increase of overall sales from 2020. For car companies that cater to the mass consumer, that number would be paltry. But Rolls-Royce caters to a clientele that can shell out $455,000 for a Phantom. Müller-Otvös said other company data also supports his theory. The average age of customers dropped to 43 last year. It was as high as 53 just a few years ago. The drop in average age means that “for every 60-year-old, you need a client who is 20,” the CEO said. Müller-Otvös said sales were brisk in China, the Western Hemisphere, Europe and the Middle East. The company also performed well in South Korea and Russia, he said. Rolls-Royce also wasn’t impacted by the shortage in chips that hampered other automobile manufacturers. Other luxury carmakers also flourished during the pandemic. Bentley sold a record 14,659 cars and SUVs last year — a 31% increase from the year before. Lamborghini sold 2,472 cars in the United States last year — an 11% jump from 2020. “This year is already higher than the best year ever,” Lamborghini CEO Stephan Winkelmann said in December. Bentley and Lamborghini are both owned by Volkswagen.




You May Also Like

Business

Activist investor Starboard Value has purchased a 6.5% stake in web services firm GoDaddy worth about $800 million, according to a regulatory filing with...

Business

Contact The Author Female employees at CNN are furious that chief spokesperson Allison Gollust is keeping her job after lying about her affair with...

Business

North Korean hackers managed to steal a fortune in cryptocurrency in 2021, according to the results of a recent study. Cybercriminals based in North...

Finance

For the best part of a decade, rock-bottom interest rates seemed like a fact of life in the euro zone—as did low inflation. Now...

Business Tribune