Rolls-Royce Motor Cars, the esteemed 119-year-old marque, has discreetly announced its continued advancement towards an exclusively electric vehicle range by 2030. The company has experienced another record-breaking year in sales, driven by the introduction of the all-electric Spectre model and a robust recovery in the Chinese market.
The Goodwood-headquartered enterprise, a subsidiary of BMW, revealed an incremental increase in customer deliveries in 2023, totalling 6,032 vehicles. This growth was attributed to sustained demand for its Cullinan, Ghost, and Phantom models, each offering a unique bespoke customisation through the expanding Bespoke program. The company also emphasised the significant role of its Coachbuild operation, allowing customers comprehensive involvement in the design and production of their vehicles.
North America emerged as the leading market in sales, closely followed by Greater China, which rebounded after a challenging 2022 due to delayed relaxation of pandemic restrictions. The United Kingdom continued to be the largest market in Europe for Rolls-Royce.
In a strategic move, the company ceased production of the Wraith and Dawn models in 2023, shifting focus to the Spectre. The inaugural all-electric cars commenced shipping in the autumn, marking a significant milestone towards the company’s 2030 objective of an all-electric portfolio. This ambition is further supported by the recruitment of an additional 180 staff members and plans for an expansion of its Goodwood facilities.
Rolls-Royce’s success stands in contrast to the broader motor vehicle industry, largely due to its clientele of high net worth individuals who remain relatively insulated from economic pressures affecting the mass market, such as living costs and borrowing rate increases. Data from the Society for Motor Manufacturers (SMMT) indicated an 18% increase in new car registrations in the UK for the past year, primarily driven by business investments in large fleets, with private registrations showing minimal growth.
Chris Brownridge, succeeding Torsten Muller-Otvos as Chief Executive following his November retirement, reflected on the company’s achievements, stating, “2023 was another extraordinary year for Rolls-Royce, with robust sales across all regions and our entire product portfolio. The remarkable reception and demand for the Spectre are testaments to our bold, future-focused, all-electric strategy. The record level of bespoke commissions, both in volume and value, further cements our unrivalled position in the luxury sector, offering unparalleled personalisation and self-expression to our discerning clients.”
Rolls-Royce has effectively navigated a path to success in a challenging automotive landscape, with its strategic pivot to all-electric models and a dedication to bespoke luxury driving its continued growth and distinction in the high-end vehicle market.