Global luxury car orders hit new highs after epidemic as wealthy people dig into their cards

With countries restarting their economies amid the new crown epidemic, demand for cars from the world’s wealthy has surged, driving a surge in orders for nameplate models such as Lamborghini, Ferrari and Rolls-Royce and pushing sales of luxury car makers to unprecedented highs.

AFP reports that as rich people once again pull out their platinum cards to spend, the buying of luxury cars has started to warm up from the 4th quarter of last year, and although sales are not as much as in 2019, the impact of the epidemic on luxury car makers is relatively small compared to that of manufacturers of mass-market cars.

German car maker Fuchs (VW)’s Lamborghini sold 7,430 units last year, not as many as the record 8,205 units in 2019, but it performed brightly in Q1 this year, with sales increasing 25% annually from January to March to 2,422 units, a single quarter high, due to the hot sale of the Urus pure electric recreational vehicle (SUV), with Q1 sales reaching 1,382 units, accounting for 57% of total sales.

Ferrari’s car sales dropped 10 percent to 9,119 units last year as the epidemic forced some factories to close. However, Ferrari executives said orders are now at “record levels” thanks to the SF90 Stradale, its first plug-in hybrid, and the Monza, a windshield-less two-seat convertible supercar priced at 450,000 euros and 1.7 million euros, respectively.

Rolls-Royce’s deliveries jumped 62 percent to 1,380 vehicles in the first quarter of this year compared to the same period last year, a record high in 116 years, mainly due to the strong buying of the new Ghost coupe and the most expensive Cullinan SUV on the market, priced at 350,000 euros, which is the most expensive luxury SUV on the market at 350,000 euros.

Market research firm Jato Dynamics analyst Munoz pointed out that, as the world’s general consumers, the wealthiest of these rich people did not open their wallets last year, resulting in a “double-digit” decline in sales of luxury cars. He also said that the reason is not the financial impact of these rich people by the epidemic, but they can not go out, so delayed to buy a car.