Rolls-Royce Sales Hit Record As Rich Splurged On Luxury While Everyone Else Crushed By Inflation
January 12, 2023 | Tags: ZEROHEDGERolls-Royce Sales Hit Record As Rich Splurged On Luxury While Everyone Else Crushed By Inflation
2022 was a terrible year for billionaires, many of which lost nearly $2 trillion combined. Despite stock, crypto, and bond market turmoil, as well as soaring interest rates, elevated inflation, and increased risk of economic uncertainty, the ultra-wealthy were increasingly purchasing luxury vehicles.
Rolls-Royce Motor Cars published a press release stating it recorded its "highest-ever annual sales" in 2022, delivering 6,021 motor cars, up 8% versus 2021.
"This is the first time in the company's 118-year history that its sales have exceeded 6,000 in a single 12-month period," the British luxury carmaker said.
Rolls-Royce's sales were led by the US, China, and European markets. The automaker said orders stretched well into this year and noted the high demand for its vehicles, many of which fetch $500k, which led to an expansion of the company's Goodwood plant in the UK.
"2022 has been a momentous year for Rolls-Royce Motor Cars," CEO Torsten Müller-Ötvös wrote in a statement.
"Our order book stretches far into 2023 for all models," Müller-Ötvös continued. "We haven't seen any slowdown in orders."
Müller-Ötvös added the brand's bespoke, customized approach to "ever more imaginative and technically demanding – a challenge we enthusiastically embrace."
And it's not just Rolls-Royce. Bentley and Lamborghini had record sales last year.
Lamborghini delivered 9,233 vehicles in 2022, a 10% increase from the year before. Bentley delivered 15,174 vehicles, a 4% increase over 2021, which was a record year.
The growth of luxury vehicle sales reflects high net wealth folks are doing just fine despite a vast amount of wealth vaporization due to central banks tightening monetary policy. As for everyone else, many folks can barely afford their $1,000 car payment, as an auto bust seems almost inevitable.