Pakistan & Middle East's leading
Business Web Portal

News Asia

Loading the player...

Young entrepreneurs boost Rolls Royce car sales.

German owned British based Rolls-Royce cars reported record sales results for a fifth consecutive year despite the global economic woes.
A total of four thousand and sixty three of the luxury cars were sold during 2014, meaning sales have more than quadrupled since 2009 and are up 12% on its 2013 total, the company said on its website.
The firm stated growth in most regions of the world had reached double digit figures, including North America by 30 percent, the Middle East by 20 percent and Europe by 40 percent.
 The USA is the company's biggest market, followed by mainland China, the United Arab Emirates, the UK and Saudi Arabia. The biggest selling dealership was in oil-rich Abu Dhabi.
Rolls-Royce cars chief executive Torsten Müller:
"In the United States where the confidence is fully back, the economy is booming. This also reflected into our sales numbers. Japan under Abenomics created also a big boom for us as well because it gave lots of confidence back into the entrepreneurs level of that country."
Last year saw the company launch Wraith, a sportier model and Rolls-Royce says it's adapting to a new breed of younger consumers.
Müller-Ötvös said young entrepreneurs accounted for much of the increased sales, which saw the figures break through the four thousand mark for the first time in the company's one hundred and one year history.
"Eighty percent of our customers are entrepreneurs who build up their own businesses. And for that reason we have seen particularly in the Asian area of the market, but also of course North America, much younger people coming out of IT and other sectors and industrial sectors," he added.
Other luxury goods labels may be slumping due to slowing economies but that is not likely to hit a company like Rolls-Royce, says ETX Capital's Joe Rundle.
"The struggling global environment is very isolated away from the super rich, and the customers of 200,000 euro plus cars of the super rich. They appear to be getting richer and the market is growing in that segment," he said.
It looks like the company's famous Spirit of Ecstasy bonnet emblem will keep flying.

view moreEvents

view moreInterviews

view moreIslamic Finance Education