Torsten Müller-Ötvös, chief executive of Rolls-Royce Motor Cars, observed strong growth across Asia following a tour of this part of the world. Rolls-Royce's CEO had his last stop in Manila, Philippines, where he led a ceremony marking the start of the carmaker's operations in the country. There are strong early indications in the Philippines, which recently has seen its number of individuals with ultra-high net worth increase in double digits.
Prior to his Manila trip, Müller-Ötvös was in Singapore gracing the carmaker's significantly expanded showroom. Rolls-Royce has regarded the expansion into new and emerging markets as an important part of its sustainable growth plans. The carmaker has posted strong growth in Japan in the first nine months of 2013, thanks to the growing consumer confidence in the country.
Rolls-Royce has expanded its operations into Osaka and recently moved to a larger, premium space in Tokyo. The number of ultra-high net worth individuals in Japan grew by 11 percent, thanks to economic measures undertaken by the Japanese government.
Rolls‑Royce Motor Cars also logged strong growth in China both in the third quarter and in the first nine months of 2013, despite negative market sentiment in the mass-luxury segment. The carmaker's growth in the country has been attributed to sustained demand for Phantom and Ghost models as well as gains in the number of customers commissioning Bespoke Rolls-Royce motor cars.
“I am delighted to report very pleasing growth across Asia. Continuing success in existing markets and successfully executed entry into emerging territories forms a key part of our long-term sustainable growth plans,” said Torsten Müller-Ötvös, Chief Executive, Rolls-Royce Motor Cars, speaking from Tokyo today. [source: Rolls-Royce]