Rolls-Royce broke two records in 2022. First, it sold more units — 6,021 — than ever before. Second, the average price for its new models surpassed $500,000 for the very first time.
Given the current gloomy economic climate, this news might seem surprising. However, luxury goods have bucked the downward trends seen in other markets, and clients’ checkbooks seem resilient to the woes caused by ongoing inflation.
There are many reasons why cars from British manufacturers can fetch a half-million-dollar price tag.
First, Rolls-Royce cars are hand-built by a team of 150-200 people who work for six months to build a single unit. These workers include engineers, designers, assembly workers, painters, leather workers, and many other skilled professionals. It is for this reason that only a limited number of cars are produced each year, making them exclusive.
Another is the company’s wide range of customization options such as custom sills, exterior badging, or starlight headliners that cast hundreds of hand-placed fiber-optic stars across the car’s interior roof lining.
Rolls-Royce cars are also known for their exceptional performance and powerful engines. Their engineering technology is a leader in the field, demonstrated best in the Phantom model — Rolls-Royce’s fastest to date. The Phantom was considered a modern engineering marvel when Rolls-Royce began production in 2003. Newer generations are equipped with a V12 engine that is able to pump out 453 horsepower and 531 pound-feet of torque.
All in all, these qualities have made Rolls-Royce cars a sound investment. The cars are built to last and maintain their value over time, making them appealing to car collectors and enthusiasts.
These distinguishing characteristics have also contributed to the banner year seen by Rolls-Royce at a time when many consumers are hesitant to spend.
While the U.S. remains the manufacturer’s largest market, 2022 saw higher sales in Europe, the Asia-Pacific region, and the Middle East, which leads in bespoke commissions.
According to CEO Torsten Muller-Otvos, things are also looking positive for 2023.
“Our business is built on extremely strong foundations, and we have secured advance orders stretching far into 2023,” he said in a statement.
“While we are not immune to global challenges and economic headwinds, thanks to our balanced worldwide sales strategy, we are cautiously optimistic that 2023 will be a strong year for Rolls-Royce.”
