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Rolls-Royce posts 25% jump in sales thanks to Cullinan demand

Luxury carmaker Rolls-Royce said on Tuesday it recorded a 25% jump in sales in 2019, underpinned by solid demand for its first-ever SUV, Cullinan, just a year after the launch. The 116-year-old British company said it sold a record 5,152 cars in 2019, compared with 4,107 units in the prior year. "Worldwide demand last year for our Cullinan SUV has driven this success and is expected to stabilize in 2020," Chief Executive Officer Torsten Mueller-Oetvoes said in a statement. The Cullinan was unveiled in 2018. The BMW-owned brand's strong numbers serve as a breather at a time when the global automobile industry is still grappling with various challenges amid a broader economic slowdown that dented sales of many automakers. North America continued to be the biggest contributor with about a third of Rolls-Royce's total sales, followed by China and Europe. Related Video:

Rolls-Royce confirms Wraith convertible for 2015

Until a few years ago, the Rolls-Royce product portfolio revolved around one model line, and that was the Phantom. But with the launch of the Ghost in 2010, the Goodwood-based automaker is expanding further. As with the Phantom line, a long-wheelbase Ghost ensued, followed by a coupe in the form of the Wraith. And now, as might have been expected, Rolls-Royce has reportedly confirmed development of a new convertible based on the same platform.
The new cabrio will be based closely on the Wraith, only with a convertible roof. Expect the same 6.6-liter twin-turbo V12 that powers the Wraith to carry over with the same 624-horsepower output - the highest of any production Rolls-Royce - but with a bit more weight to push, the convertible ought to be a bit more sluggish off the line than the Wraith's 4.4-second 0-60 time.
We can also expect a higher sticker price, but closer to the Wraith's $320,000 MSRP than the Phantom Drophead Coupe's $470k. Whether Rolls opts to call it the Wraith DHC or use another nameplate entirely remains to be seen, but Autocar reports that the new Rolls cabrio won't arrive until 2015, so we've got a little while to go.

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.