The boss of Rolls-Royce Motor Cars was handed a bumper £1.77m pay packet, up 72 per cent from last year, after sales and profit at the carmaker hit record levels in 2022.
Rolls-Royce’s latest company filings show the group delivered a record 6,021 cars in 2022 – with the US, Greater China and European markets the most fruitful.
The carmaker, which is owned by BMW, made £887m in revenue, up 12 per cent year-on-year and saw annual operating profit jump 22 per cent to £120m.
As a result, long-time chief Torsten Müller-Ötvös saw his pay packet reach over £1.77m, up from a previous £1.04m.
Müller-Ötvös guided Rolls-Royce to the highest year of sales in the marque’s 118-year history in 2022 and has overseen a string of major announcements, including the launch of Spectre, the world’s first ultra-luxury fully electric coupé.
Account filings show that the new Spectre model had seen its order backlog stretch well into 2024.
The West Sussex-based firm has cashed in on a spending splurge among the wealthy, with a host of luxury marques including Bentley and Aston Martin benefitting from a consumer base who have been largely unaffected by the cost-of-living crisis.
In January, Müller-Ötvös put the sales boom down to a post-pandemic rebound, which had accelerated a “life can be short” mentality among its customers.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that the firm’s delivery surge came “as rich drivers around the world shrugged off the inflation crisis and ploughed their money into owning an iconic model.”
“The marketing drive for its bespoke service was firing on all cylinders as the value of commissions also hit record levels,” she said.
Rolls-Royce Motor Cars currently employs nearly two and a half thousand people at its manufacturing and assembly centre in Goodwood, Chichester and the group has created 150 new jobs.