The luxury car market “escaping” from the 2021 pandemic

The luxury car market “escaping” from the 2021 pandemic
The luxury car market “escaping” from the 2021 pandemic

T + T – normal size

Luxury car manufacturers such as Rolls-Royce, Bentley and even Bugatti achieved record sales in 2021, with all-wheel drive companies topping the sales list away from the car market, which has been crippled by the health crisis.

Rolls-Royce (the BMW Group) sold 5,586 cars, exceeding the unprecedented number it recorded in 2019. Wealthy customers flocked to buy the new “Ghost” and the Cullinan SUV, whose price starts at 300,000 euros ( in France).

Bentley and Lamborghini (Volkswagen Group) also set record sales with 14,659 and 8,405 cars, respectively, worldwide, mainly thanks to the Bentayga and Urus four-wheel drive, which sell for around 200,000 euros.

In terms of absolute luxury, Bugatti witnessed “the best year ever in the company’s history”, as 150 cars were ordered at a base price of approximately three million euros.

“The same thing happens everywhere: after crises, the rich get richer and the poor get poorer,” said Adolfo Di Stefani Cosentino, president of the Italian Association of Car Dealers, adding: “Luxury and excellence have held out much better than the general categories.”

“There is a lot of money ready to be spent,” said Torsten Muller-Ötvös, president of Rolls-Royce, in an interview with AFP in May 2021, adding: “The pandemic has made them realize that they may die tomorrow, and that they therefore have to enjoy life now.” ».

real challenge

Parallel to the health crisis, the world’s auto industry suffered from a shortage of components, especially electronic chips, which prevented the production of vehicles despite the high demand for purchase, and the crisis led to a halt in the production of 9.5 to 11 million cars worldwide in 2021, according to the company. Consultant «PwC».

In terms of excellence, “BMW” recorded record results with the sale of 2.2 million cars, especially in China and the United States, and its competitor, Mercedes-Benz, witnessed a decrease in its global sales by 5% due to a lack of chips, but its sales of the sports model “AM” G” and “Maybach” rose tremendously.

“Only the most demanded cars are produced,” said Jose Baghdad, partner and head of the automotive sector at PwC Consulting in France and the Maghreb, adding that “the premium manufacturers are also ready to buy components at a higher price.”

Luxury is not limited to cars, Italian motorcycle maker Ducati (as of 15,000 euros) surpassed its record sales in 2021, with around 60,000 parts worldwide.

“There is a factor on the macroeconomic front, a part of the population has become very wealthy in the past years, and they have the ability to buy very luxurious and luxurious cars,” the expert stressed.

Regarding the limited market for ultra-luxury cars, “these cars have also shown in recent years that they do not lose value, but rather gain value.”

The four-wheel drive cars of these brands benefit from the great popularity of this model across the world and from being the least expensive among the designs available to them. Ferrari, which will publish its results in early February, is set to unveil its first SUV of its design this year.

electric cars

And electric cars entered the field of luxury, which constitutes “a new whiff with a real challenge,” according to Baghdad.

“Engines have been at the heart of these brands’ interests, with a certain power and sound, but with the transition to electric, it will be more difficult to differentiate them,” he said.

For Porsche, which also set records with more than 300,000 cars sold, mainly in China and the United States, the electric Taycan surpassed its legendary 911 counterpart, with sales doubling in one year.

Follow the economic statement via Google News
Follow the economic statement via Google News

Print
Email

Twitter
LinkedIn
Pin Interest
Whats App

These were the details of the news The luxury car market “escaping” from the 2021 pandemic for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Here’s what you need to know before Tadawul trading on Sunday
NEXT Oil Updates — Crude at multi-month low; US oil rig count falls; US to talk with Indonesia on Russia oil price cap

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]