As countries around the world begin the recovery process with respect to their domestic economies after what has been one of the most devastating periods in recent history, many companies will see their recoveries occur at different times to others, if at all.
Hospitality, sports and hotels are just some of the sectors that felt the strain during Government lockdowns across the globe and they are still having to adjust to the “new normal” as they begin to reopen.
One industry that has seen business pick up quicker than most after the global pandemic is the luxury car market, after Rolls-Royce CEO Torsten Müller-Ötvös said that demand in Asia, Europe and the US is “more or less back to normal“.
This is good news for the 50,000 people employed by the UK car manufacturing giant as earlier in the year the company had warned of job cuts in their aerospace division as a result of the pandemic and the subsequent difficulties seen in the airline industry.
Like most businesses Rolls-Royce were forced to close during Government lockdown and as a consequence had seen year on year sales drop by 30%. However, with the easing of restrictions in recent months the company has seen a huge surge in demand to levels similar with that of previous years.
With renewed optimism for the future the company has announced the new Ghost luxury car model which is a complete redesign of its most popular line. Muller-Otvos believes that the latest edition of Ghost line is their most “beautiful, minimalist, yet highly complex product”.
The vehicle has a 6.75 litre twin-turbo v12 engine and it’s starting price is at a mere £250,000.
The US has been Rolls-Royce’s largest market for cars for a long time, followed by China then the UK and as these countries continue their process of opening up after the pandemic there are positive signs that business can hope to see a resurgence in demand again.