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BENTLEY MOTORS APPOINTS NEW MULLINER AND MOTORSPORT DIRECTOR IN BESPOKE DIVISION REORGANISATION

BENTLEY MOTORS APPOINTS NEW MULLINER AND MOTORSPORT DIRECTOR IN BESPOKE DIVISION REORGANISATION

  • Ansar Ali joins Bentley as Mulliner and Motorsport Director from McLaren Special Operations
  • Paul Williams becomes Mulliner Chief Technical Officer with Bob Martin appointed Chief Operating Officer
  • Reorganisation follows record levels of demand for bespoke services, increasing fivefold in the past five years 

(Crewe, 13 January 2023) Bentley Motors today announced the appointment of Ansar Ali as the new Mulliner and Motorsport Director, reporting directly to Adrian Hallmark, Chairman and CEO. Ali will lead the reorganised Mulliner division as customer personalisation reaches record levels of demand.

Ali, who has a 30 year career in the automotive industry, joins from McLaren Special Operations where he was Managing Director. Before this, Ali held senior management roles at Ford, Lotus, Caterham and co-founded Zenos Cars.

Ali’s dual responsibilities at Bentley cover Motorsport activities, working closely with the GT3 race teams currently competing, and a focus on Bentley’s personal commissioning division, Mulliner, the oldest coachbuilder in the world and now with three distinct classifications; Classics, Collections and Coachbuilt.  Commenting on Ali’s appointment, Adrian Hallmark said:

“Mulliner represents the very pinnacle of automotive design and expertise and Ansar joins at a time when we are experiencing record levels of demand across our features, collections, coachbuilt and classics possibilities. Ansar’s considerable industry experience, particularly leading low-volume, highly bespoke customer-led divisions will offer valuable insights that will reinforce Mulliner as the leading personal commissioning division and generate significant contributions to the wider Bentley business.”

Ali will lead a reorganised Mulliner bespoke division in which Paul Williams becomes Chief Technical Officer, having held a number of senior positions in a 15 year career at Bentley, and Bob Martin, formerly Head of Final Assembly at Bentley, becomes Chief Operating Officer. All positions are effective immediately.

Mulliner has been building bespoke bodies and cabins since 1923 and today handcrafts exquisite, personalised cars that epitomise luxury, performance, exclusivity and individuality. Mulliner’s portfolio includes coachbuilt cars such as the Batur, heritage limited editions including the Blower, and a wide variety of stunning and unique customer projects.

The high level of customer demand for bespoke services, reaching record numbers in 2022, helped push Bentley to its third consecutive record sales year, announcing earlier this week a sales success of 15,174 in 2022, a four per cent increase on 2021.

Bentley Motors
Bentley Motors is the most sought after luxury car brand in the world. The company’s headquarters in Crewe is home to all of its operations including design, R&D, engineering and production of the company’s five model lines, Continental GT, Continental GT Convertible, Flying Spur, Bentayga and Bentayga EWB. The combination of fine craftsmanship, using skills that have been handed down through generations, alongside engineering expertise and cutting-edge technology is unique to UK luxury car brands such as Bentley. It is also an example of high-value British manufacturing at its best. Bentley employs around 4,000 people at Crewe.

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2022 deliveries: Porsche posts a slight increase
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2022 deliveries: Porsche posts a slight increase

2022 deliveries: Porsche posts a slight increase

Porsche put in a robust performance in fiscal year 2022, with a slight increase in deliveries. The sports car manufacturer delivered a total of 309,884 cars over the past 12 months, 3 per cent more than in 2021 – despite several global crises.

Porsche fulfills the dreams of its customers, as strong delivery figures and the continued good order situation for fiscal year 2022 demonstrate. Worldwide, the sports car manufacturer delivered 309,884 vehicles to customers last year, an increase of 3 per cent over the previous year.

Detlev von Platen, Executive Board Member for Sales and Marketing at Porsche AG

“The many challenges caused by the war in Ukraine, interrupted supply chains and the ongoing semiconductor crisis have shaped the past year and put us to the test,” says Detlev von Platen, Executive Board Member for Sales and Marketing at Porsche AG. “So I am all the prouder of the entire Porsche team. In this difficult environment, we have succeeded in fulfilling the dream of owning a Porsche for more customers than ever before.”

Deliveries in Europe 7 per cent above previous year

In the Europe sales region, Porsche delivered 62,685 cars in 2022. This is 7 per cent more than in the previous year. In its home market of Germany, 29,512 customers took delivery of their cars – an increase of 3 per cent. In North America, Porsche recorded 79,260 deliveries, matching the previous year’s level. This was a particularly strong performance in view of logistical and supply challenges that started the year. In what remains the biggest single market, China, 93,286 cars were delivered to customers     (-2 per cent). The slight dip here is mainly due to the effects of the COVID pandemic. Waves of infection, COVID-related lockdowns and logistical challenges affected the deliveries. The Overseas and Emerging Markets sales region continues to develop positively with an increase in deliveries of 13 per cent. Some 45,141 cars were delivered to customers in this region during 2022.

SUVs remain popular among customers

The models with the highest demand again in 2022 were the brand’s SUVs: the Porsche Cayenne was delivered a total of 95,604 times. The Macan followed in second place with 86,724 units delivered. With 40,410 deliveries (+5 per cent) the Porsche 911 remains very popular as well. The sports saloon Panamera was delivered to 34,142 customers (+13 per cent).

The Taycan remains at a high level of orders. In 2022, Porsche delivered 34,801 cars from the model line worldwide (-16 percent). The decline was due to supply chain bottlenecks and limited component availability. Both issues affected the electric sports car in particular. Customers took delivery of 18,203 units of the 718 Boxster and 718 Cayman models.


Taycan GTS and Taycan GTS Sport Turismo

“On the sales side, results have been positive in 2022,” says von Platen. “Porsche is in a solid position. And we’re building on that basis.”

Porsche AG
Deliveries		 January – December
2021 2022 Difference
Worldwide 301,915 309,884 +3%
Germany 28,565 29,512 +3%
North America 79,166 79,260  0%
China 95,671 93,286 -2%
Europe (excluding Germany) 58,576 62,685 +7%
Overseas and Emerging Markets 39,937 45,141 +13%

Disclaimer

This announcement contains ‘forward-looking statements’ that reflect the Porsche’s current view of the future events.

Words such as ‘will’, ‘presume’, ‘as a goal’, ‘could’, ‘possibly’, ‘should’, ‘believe’, ‘intend’, ‘plan’, ‘in preparation’, and ‘aim’ are used to indicate statements relating to the future. These statements are subject to a variety of risks, uncertainties and assumptions. If any of these risks or uncertainties materialise or if the assumptions underlying Porsche’s forward-looking statements should prove unfounded, the actual results could differ significantly from the ones that Porsche has expressly or implicitly assumed in these statements. Forward-looking statements in this press release are based solely on the circumstances pertaining on the day of publication.

These forward-looking statements will not be updated later. These statements are true on the day of publication and may be overtaken by later events.

www.porsche.com
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Meet the 60+ companies exhibiting at our upcoming EU-Startups Summit on May 12-13 in Barcelona!

Meet the 60+ companies exhibiting at our upcoming EU-Startups Summit on May 12-13 in Barcelona!

This year’s EU-Startups Summit is finally going to happen next week in Barcelona! Connecting many of Europe’s most promising founders, exciting startups, top investors and the wider European startup community, we’ll have two days of networking, inspiration and learning carefully curated for you. There will be interesting fireside chats, insightful keynotes, an exciting pitch competition and so much more!

This year’s EU-Startups Summit will also be full of amazing exhibitors. From pet food to banking, these are the 60+ companies you should be looking forward to meeting in our exhibition area at the EU-Startups Summit! So, what are you waiting for? Get your ticket today.

Without further ado, below we’re introducing you to this year’s fantastic exhibitors:

TheGestor® logoThe Gestor: The Gestor is an easy-to-use app for the creation of invoices, receipt of payments, and taxes in real-time. The Gestor App is everything you need as an entrepreneur. The Gestor is based in Madrid & founded in 2019.

NCompass International logoNcompass: Builds bespoke software/products from the ground up! Effectively blending design thinking, great product engineering, customer centricity, and sound analytics. This way you can rapidly grow startups and scale-ups. Ncompass has operations in US, Europe and India & was founded in 2003.

Jetveo logoJetveo: The Jetveo Platform and App Builder combine an intuitive user interface with the power of C# to empower developers to quickly and efficiently provide business solutions to their customers. Jetveo App Builder streamlines everything from idea to launch. Jetveo is based in Brno & founded in 2016.

Kernel Edge: Kernal Edge is a software suite for Modern Fintechs. They’re here to help you accelerate your journey to market and beyond. They’d love to know where you currently are in your journey to see where they can help you advance, whether that be building technology solutions or partnering to invest. Kernel Edge is based in London & founded in 2020.

TeQatlas logoTeQatlas: TeQatlas is the first-on-the-market platform that enables founders and investors to find each other easily, managing capital and networks in one place. TeQatlas is based in Zurich & was founded in 2019.

Treezor logoTreezor: Treezor is an independent provider of outsourcing and white label solutions for electronic payments. Founded in Paris, Treezor owns a European License and is one of the approved suppliers for MasterCard® Prepaid. As an e-money issuer and a payment institution. Treezor is based in Paris & was founded in 2016.

Envite logoEnvite: Envite is an all-in-one powerful web platform that enables individuals to sell & manage any online service at the click of a button. Through their platform, you can launch, manage, and market your skills with ease and effortless professionalism. Envite is based in Tel Aviv & was founded in 2020.

Sastrify logoSastrify: Sastrify is a virtual Software-as-a-Service procurement service, helping finance and tech teams to optimize the management and cost of SaaS tools in digital-first companies. Their team brings transparency to your existing setup, gets rid of underutilized licenses, and negotiates with your suppliers to get the best deals for you. Sastrify is based in Cologne & was founded in 2020.

Grace Denker Gallery: Grace Denker Gallery is a contemporary art gallery featuring authentic artworks and staging exclusive art events in the heart of Hamburg. It was founded in 2015 with the intention of supporting national and international artists. The gallerist is a successful entrepreneur who runs a school and several other projects in Germany.

Tourisfair: Tourisfair is creating something amazing to reactivate the travel industry and to offer travellers a useful tool that will increase your experience when planning, so that the next time you travel, you will really enjoy and visit the trip to the fullest. Tourisfair is based in Saarbrücken & was founded in 2020.

KOOHOO logoKoohoo: KOOHOO is based on matchmaking technology, which brings tailor-made accommodation and recreational offers directly to traveller’s phones. KOOHOO differs from any other travel platform where the traveller has to manually search to find offers. Koohoo is based in Tallinn & was founded in 2020.

Tennders logoTennders: Tennders is a European digital freight platform that simplifies the way shippers, carriers, and brokers connect. With a multicultural team of experts in inland freight transport. They are leveraging their team’s extensive knowledge, supported by their platform to provide an effective and great service to Tennders customers. Tennders is based in Barcelona & was founded in 2021.

Ad Up logoAdUp: AdUp ensures that your checkout will perform better. They do this through their fast checkout, but also a full hosted checkout. AdUp shortens the purchase process from an average of 3-5 minutes to 15 seconds, this results in ease of use and more orders! AdUp is based in Amsterdam & was founded in 2019.

Ipriq: Ipriq secures your brand. The IP law experts help you discover, identify, protect, manage, enforce, develop and leverage intellectual property, including trademarks, designs, patents, copyright, and domain names.

Monicont Technology: Monicont offers hardware and software solutions to its own portfolio of institutions, adding strength to the information sector, and is still moving towards its targets with strong, dynamic, professional, young staff. Monicont is based in Enschede & was founded in 2017.

Skorebee logoSkorebee: Based in Prague, Skorebee helps you explore and improve your social media image based on how you want to use social media and gives you a leaderboard to see where you rank amongst your friends, peers, and other social media users. The company was founded in 2017.

quizdom™ logoQuizdom: Play one against one, battle other players to discover if you are the fastest and smartest! The Athens-based development team has years of experience in mobile game development, and the entire team is dedicated to creating the very best experience in trivia gaming.

Lylu logoLylu: Lylu is improving the lives of millions of people by empowering them with technology. Founded in Darmstadt in 2020, the Lylu Tablet is the easiest and most effortless way for seniors to get online. At their heart is Lylu’s senior-friendly software.

Beyond logoBeyond Pricing: Beyond is the #1 Revenue Management Platform for short-term rental owners and managers to get, grow, and keep revenue. Their easy-to-use platform includes a dynamic, demand-driven pricing tool with extensive market data that pairs with OTA distribution and a best-in-class booking engine. Beyond is based in San Francisco & was founded in 2013.

Decarbonify: Based in Oslo, Decarbonify is an ESG-as-a-Service Data Platform, designed specifically for climate risk reduction and optimizing ESG opportunities. They bridge science-based ESG data and Business through their Decarbonify ESG-as-a-Service Digital Infrastructure.

XMED iQ - International Group logoXMED iQ: XMED iQ aggregates large volumes of medical device orders from hospitals through their fully-integrated sourcing platform, then puts these never-before-seen volumes out to tender across Europe. XMED iQ is based in London & was founded in 2021.

FLEXXI logoFLEXXI Care: The app connects families in need of respite care with safe and affordable caregivers for home care provision at the required time. FLEXXI users don’t need to have long-term obligations or a contract with a caregiving company. FLEXXI Care is based in Munich & was founded in 2020.

iPlena: Based in London, iPlena was born in 2021 with the aim to improve our daily postures. Using mobile body scanning algorithm for tailored osteopathic training, the startup is offering tech that rewires the central nervous system.iPlena is based in London & was founded in 2021.

GlucoActive Sp. z o.o. logoGluco Active: This Warsaw-based company offers a wearable device for non-invasive measurement of blood glucose concentration using spectrophotometric methods. It is intended for diagnostic, prophylactic purposes, in the process of diabetes treatment and control, and for sports applications. Gluco Active is based in Warsaw & was founded in 2019.

MEGI: Founded in Croatia in 2021, Megi is a virtual cardiovascular care assistant that aims to give patients back their confidence, quality of life and peace of mind. The innovative product combines clinical expertise with behavioural science and AI to enhance engagement between doctors and patients, and personalize care.

chartok logoChartok: Chartok, based in Barcelona, is developing a staff collaboration software to enable hotels to transform their internal processes into automated workflows with (RPA) Robot Process Automation. Founded in 2018, Chartok connects all hotel team’s tasks, docs, contacts, handbooks, apps, and suppliers together to be more connected, profitable, and productive through internal collaboration.

Type Studio logoType Studio: Type Studio is an online text-based video&audio editing tool that takes your content creation to a new level of simplicity. The Berlin-based company helps users to spend less time creating beautiful content and has been doing so since 2020.

Goto-Sportwear: Goto makes ecological, regenerated harnesses from marine plastic waste collected from the oceans. In their manufacturing process, Goto uses materials such as regenerated fishing nets and plastic bottles. Goto is currently based in Espoo & was founded in 2020.

CoachHub - The digital coaching platform logoCoachHub: CoachHub is the leading global talent development platform that enables organizations to create a personalized, measurable, and scalable coaching program for the entire workforce, regardless of department and seniority level. The Berlin-based company’s co-founder, Yannis,  will also be joining us to give a talk on how to ensure employees feel valued.

Fish&Burger logoFish&Burger: Fish & Burger works with a network of digital specialists who help customers’ online activities to grow exponentially. The Dutch firm’s approach is aimed at utilizing the growth potential of their customers. Founded in 2021, they do this by taking on the challenge together with the best specialists in the market. Find out about how they scaled BlaBlaCar here.

6Minded logo6minded: Polish firm 6Minded is a team of experts on a mission to fuel your inbound marketing. They believe that inbound marketing is powerful, but it’s not for every company. Founded in 2013, the company establishes inbound marketing strategies specific to different needs.

sun_logo.pngSolea: Solea embodies the tasteful ideals of the Mediterranean in a Hard Seltzer; it is refreshing, all-natural, and effortlessly cool. Solea has it all – the guilt-free alcoholic option, great taste and low calories. It’s bound to be sunny in Barcelona, so why not give it a try?

Futura Vive:  Based in Madrid, Futura Vive is developing and distributing robots for the hospitality, health, restaurant and retail sectors. The company was founded in 2007 and is using AI to develop the assistants of the future. Futura Vive counts global brands like Repsol, Accenture  and Volkswagen as clients.

Economic AcceleratorEconomic Accelerator: The Economic Accelerator is a program of the Institute for Eastern Studies Foundation – the organizer of the Economic Forum, which has been creating the largest business and political conference in Central and Eastern Europe for 30 years. Based in Warsaw, the mission is to build a place of dialogue for representatives of major businesses, experts, government administration and startups. Economic Accelerator will be exhibiting with two projects:

The Małopolska Innovation Rocket:

Score Digital: Founded in 2019, Score Digital supports market challengers by delivering end-to-end digital product development services, helping companies transform powerful ideas into game-changing products.

Medical Simulation Technologies: This Polish startup is an innovative startup developing and implementing medical simulations for teaching medical personnel. The aim is to use tech to advance medical specialism.

Versatilex: Versatilex is a Polish startup in the automation machinery and manufacturing sector. It was founded in 2015.

The Dolnośląskie Innovation Rocket:

Robotivity: Founded in 2018, Robotivity is a team of creative and innovative developers that offer consulting in the area of process improvement and automation.

Nsflow: Offering an all-in-one platform enabling users to design and deploy AR applications, Nsflow was founded in 2018 with the goal to o transform the process of creating AR applications by moving it from the sphere of customized services to DIY zone.

Qualpro: Traveltech startup Qualpro is working to support hospitality businesses with proRMS – an intelligent and intuitive Revenue Management System.

Commit Global logoCommit Global: CGT Commit Global Translations is a leading language services provider founded in 1997. Today, with offices in Europe and the United States, Commit Global helps corporations around the world deliver their products, and services as well as market their brands in the local language. You can find out more about their support in scaling internationally here.

Intergiro logoIntergiro: Whether you are automating your business finances or providing banking services to your customers, Intergiro’s APIs give you the financial toolkit to build, adapt and thrive. Intergrio is a Stockholm-based company, founded in 2014, and growing fast.

Camaloon logoCamaloon: A Barcelona-based company, Camaloon’s vision and ambition are to make possible the customization of any product in any possible technique as well as deliver it in the fastest time and highest quality.

CometChat logoCometchat: CometChat empowers developers to quickly add text, voice, and video chat to their websites and apps. Its customers are in the virtual event, telehealth, EduTech, marketplace, and on-demand industries and use CometChat for it’s secure, scalable, and easy-to-use platform.

Swan logoSwan: Swan is a Paris-based firm that offers an embedded finance platform. Via Swan’s simple APIs, European companies can integrate banking services (accounts, cards, and IBANs) quickly and easily into their own product. Founded in 2019, the innovative company is providing super-smooth user experiences.

Nebeus logoNebeus: Nebeus is a Barcelona-based cryptocurrency app and desktop platform that allows people to secure loans using their digital assets as collateral, as well as exchange, earn and securely hold their crypto in insured cold storage vaults.

Deel logoDeel: Deel is a global payroll solution that helps businesses hire anyone, anywhere. Using a tech-enabled self-serve process, you can now hire independent contractors or full-time employees in over 150 countries, compliantly and in minutes. Today, Deel, based in California, serves 4,500+ customers from SMBs to publicly traded companies.

Safeguard Global logoSafeguard Global: Safeguard Global is a future of work company that helps workers and companies thrive in the global economy. Backed by a data-rich technology platform, local expertise, and industry-leading experience, Safeguard Global provides end-to-end solutions to manage people and scale operations. With Safeguard Global, organizations can recruit, hire, operate and pay anywhere in the world, no matter where they are in their growth journey.

EUSPA - EU Agency for the Space Programme logoEUSPA: The EU Agency for the Space Programme (EUSPA) provides safe and performant space services, enabling synergies, EU innovation, sustainability, and security. EUSPA’s core mission is to implement the EU Space Programme and to provide reliable, safe and secure space-related services, maximising their socio-economic benefits for European society and business.

Amazon Business logoAmazon Business: Founded in 2015, Amazon Business simplifies the purchasing process to make it easier for its customers to get the products they need. They solve for its customers’ unmet and undiscovered needs — continuously expanding their selection and adding relevant new tools and features.

SafetyWing logoSafetyWing: The Californian company SafetyWing is building the first global safety net for remote companies, remote workers, and nomads worldwide. Their products are built and designed by a fully remote team of nomads distributed across three continents.

Freshworks logoFreshworks: Founded in 2010, Freshworks Inc., (NASDAQ: FRSH)  on a mission to empower the people who power business, making it fast and easy for companies to deliver top-notch customer service and have high-ranking levels of employee satisfaction. The company builds tech that works for everyone, making it easy for IT, customer service, sales, marketers and HR to do their job. Find out about the exclusive benefits of the Freshworks for Startups program for EU-Startups members, and also check out John Crossan’s talk during the summit.

Silicon Castles: Silicon Castles is a tech company builder and strategic business accelerator that focuses on “European Diamonds” – tech startups that have a unique business idea solving a real problem, use scalable tech and outstanding intellectual property. The aim is to help European startups make the leap from having great tech and talent to becoming global success stories. The team will also be giving a masterclass on how to go from idea to global success.

Webex: Webex is a leading provider of cloud-based collaboration solutions which includes video meetings, calling, messaging, events, and customer experience solutions like contact center and purpose-built collaboration devices. Webex is based in California & was founded in 1995, the company ahs been paving the way in providing devices that are making the new world of hybrid work, work.

Dassault Systems: Dassault Systems, the 3DEXPERIENCE Company, is a catalyst for human progress. Dassault provides businesses and people with collaborative 3D virtual environments to imagine sustainable innovations. They have worked with hundreds of startups to support their dreams and help them scale-up and launch innovative and disruptive products onto the global market. Fundamentally, Dassault Systemes believes that the only progress is human, and startups are pivotal to driving it forward.

Marketer Hire: Headquartered in California & founded in 2018, the mission is to connect top marketing talent with experience from global brands and hot startups with businesses quickly and seamlessly. Marketer Hire provides the fast, easy way to get access to the world’s best marketers. Its recent launch into Europe means you now have on-demand access to its global network of expert, pre-vetted marketers with zero financial risk and full flexibility.

Nestle Purina: One of the world’s most iconic pet brands, Purina knows that many of us are pet owners, and the people working at Purina are pet owners themselves, that is why they know firsthand how important pets are in people’s lives. They are committed to creating nutritious foods that will keep cats and dogs of all ages happy, healthy, and content. Unleashed, powered by Purina, is the startup accelerator fueling pet tech and pet care innovation – we’ll have a dedicated pet tech session at the summit as well!

Petopy logoPetopy: Petopy is a London based startup that provides stress-free at-home veterinary services and telehealth services to pet owners With Petopy, your veterinarian is always with you – whether you want to make a video call or have your veterinarians visit you at home.

ROCKETO logoRocketo: ROCKETO is a pet food innovator, closely mimicking how a dog might eat in the wild. It is entirely free of toxins and made by using ingredients only in their natural form – as supplied by Mother Nature since the dawn of time. Rocketo is based in London & was founded in 2017.

Doggies in Town logoDoggies in Town: Doggies in Town is an all-in-one app for dog owners to easily find dog-friendly places, dog products, dog services, activities, events, and direct booking to pet services. Doggies in Town is based in Malaga & was founded in 2020, helping pet owners enjoy more recreational activities with their fur babies.

HiPets logoHiPets: For all busy but loving and caring pet parents, Warsaw-based HiPets is creating a mobile and web app that enables instant booking for all pet-related services – starting with a vet and ending up with pet sitting. Founded in 2020, we put them on our list of Polish startups to watch this year.

Animoscope logoAnimoscope: Animoscope is a telehealth service provider for pet owners, specializing in generating and exploiting data. The company empowers pet owners to make the right decision by making complex medical things easy to interpret. Animoscope is based in Paris & was founded in 2019.

Kibus Petcare logoKibus Petcare: Kibus Petcare meets the nutritional needs of pets through technologies that allow a tastier, healthier, and more natural diet. With Kibus, which is based in Barcelona, customers receive a robotic food dispenser and monthly packets of pet food.

Dogo - your dog's favourite app logoDogo: Dogo is a mobile app for dog training. The Berlin-based company wants to make dog training easy, fun, affordable, and social. Since 2016, its app offers daily training that helps you teach your dog new tricks, and skills and spend quality time together.

InterPets logoInterpets: Based in Munich, Interpets is on a mission to help us understand our pets. Founded in 2020, its tech helps us to become better pet parents by improving your understanding of your pet’s emotions, behaviours, and health.

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Current Mortgage Rates Drop Back Below 3%

Current Mortgage Rates Drop Back Below 3%

Money; Getty Images

Current mortgage rates moved lower this week with the average rate on a 30-year fixed-rate mortgage settling in at 2.99%, according to Freddie Mac. The average rate for a 15-year fixed-rate mortgage moved down to 2.23%, while the rate for 5/1 adjustable-rate mortgage increased to 2.52%.

Mortgage rates slipped back under 3% this week after decreasing by just 0.02 percentage points from last week. However, rates remain above the 2.86%-2.88% range that had dominated in August and September.

Mortgage interest rates for the week of October 7, 2021

Money

Mortgage rate trends

The average rate for most types of loans trended lower this week:

  • The current rate for a 30-year fixed-rate mortgage is 2.99% with 0.7 points paid, down 0.02 percentage points week-over-week. Last year, the interest rate averaged 2.87%The interest rate during the same week last year was 2.88%.
  • The current rate for a 15-year fixed-rate mortgage is 2.23% with 0.7 points paid, 0.05 percentage points lower than a week ago. A year ago, the 15-year rate was 2.37%.
  • The current rate on a 5/1 adjustable-rate mortgage is 2.52% with 0.3 points paid, up 0.04 percentage points from the previous week. A year ago, the 5/1 ARM rate was 2.89%.

“Mortgage rates continue to hover around three percent again this week due to rising economic and financial market uncertainties,” said Sam Khater, chief economist at Freddie Mac. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”

With home prices still near record highs, homebuyers are paying an average of $50 more on their mortgage payments over the last six weeks than earlier this year, according to a report from real estate brokerage Redfin.

Today’s mortgage rates and your monthly payment

The rate on your mortgage makes a big difference in how much home you can afford and the size of your monthly payments.

If you bought a $250,000 home and made a 20% down payment — $50,000 — you would end up with a starting loan balance of $200,000. On a $200,000 home loan with a fixed rate for 30 years:

  • At 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
  • At 4% interest rate = $955 in monthly payments (not including taxes, insurance, or HOA fees)
  • At 6% interest rate = $1,199 in monthly payments (not including taxes, insurance, or HOA fees)
  • At 8% interest rate = $1,468 in monthly payments (not including taxes, insurance, or HOA fees)

You can experiment with a mortgage calculator to find out how much a lower rate or other changes could impact what you pay.

Other factors that determine how much you’ll pay each month include:

  • Loan Term: Choosing a 15-year mortgage instead of a 30-year mortgage will increase monthly mortgage payments but reduce the amount of interest paid throughout the life of the loan.
  • Fixed vs. ARM: The mortgage rates on adjustable-rate mortgages reset regularly (after an introductory period) and monthly payments change with it. With a fixed-rate loan payments remain the same throughout the life of the loan.
  • Taxes, HOA Fees, Insurance: Homeowners insurance premiums, property taxes and homeowners association fees are often bundled into your monthly mortgage payment. Check with your real estate agent to get an estimate of these costs.
  • Mortgage Insurance: Mortgage insurance costs up to 1% of your home loan’s value per year. Borrowers with conventional loans can avoid private mortgage insurance by making a 20% down payment or reaching 20% home equity. FHA borrowers pay a mortgage insurance premium throughout the life of the loan.
  • Closing Costs: Some buyers finance their new home’s closing costs into the loan, which adds to the debt and increases monthly payments. Closing costs generally run between 2% and 5% and the sale prices.

The latest information on current mortgage rates

Will current mortgage rates last?

Mortgage rates saw very little movement this week compared to last week, as the 30-year rate decreased by just 0.02 percentage points to 2.99%. Last week, the average rate jumped 0.13 percentage points to 3.01%. It was the first time rates crossed above 3% since June.

Despite today’s decline, there may be more upward pressure on rates over the coming weeks. COVID-19 infections are slowing down and consumer spending was higher than expected in August. If the September jobs report due out on Friday is strong, the Federal Reserve may start tightening monetary policy sooner rather than later, leading to higher rates.

For now, expect mortgage rates to stay relatively low with the strong possibility of increases over the coming weeks unless there is negative news on the economic front.

On Thursday, the yield on the 10-year Treasury note opened at 1.531%. There tends to be a spread of about 1.8 percentage points between the 10-year Treasury and average mortgage rates. This suggests rates could go higher.

How are mortgage rates impacting home sales?

The overall number of mortgage applications decreased by 6.9% for the week ending October 1, according to the Mortgage Bankers Association. The biggest drop occurred in the refinance loan category, which decreased by double digits week-over-week.

  • Purchase applications were down by 2% from the previous week and 13% less than the same week last year.
  • The number of refinance loan applications was down by 10% from the previous week and 16% lower year-over-year. Despite the drop, refinances are still making up most of the mortgage loan activity, representing almost 65% of all loan activity.

“Higher rates are reducing borrowers’ incentive to refinance, as declines were seen across all loan types,” said Joel Kan, MBA’s Associate vice president of economic and industry forecasting. “Purchase activity also fell, driven by a drop in conventional loan applications.”

Current Mortgage Rates Guide

What is a good interest rate on a mortgage?

Today’s mortgage rates are near historic lows. Freddie Mac’s average rates show what a borrower with a 20% down payment and a strong credit score might be able to get if they were to speak to a lender this week. If you are making a smaller down payment, have a lower credit score or are taking out a non-conforming (or jumbo) mortgage, you may see a higher rate. A good mortgage rate is one where you can comfortably afford the monthly payments and where the other loan details (such as the length of the loan, whether the rate is fixed or adjustable and other fees) fit your needs.

How much does the interest rate affect mortgage payments?

In general, the lower the interest rate the lower your monthly payments will be. For example —

  • If you have a $300,000 fixed-rate 30-year mortgage at 4% interest, your monthly payment will be $1,432 (not including property taxes and insurance). You’ll pay a total of $215,608 in interest over the full loan term.
  • The same-sized loan at 3% interest will have a monthly payment of $1,264. You will pay a total of $155,040 in interest — a savings of over $60,000.

You can use a mortgage calculator to determine how different mortgage rates and down payments will affect your monthly payment. Consider steps for improving your credit score in order to qualify for a better rate.

How are mortgage rates set?

Lenders use a number of factors to set prevailing rates each day. Every lender’s formula will be a little different but will take into account things like the current Federal Funds rate (a short-term rate set by the Federal Reserve), competitor rates and even how much staff they have available to underwrite loans.

In general, rates track the yields on the 10-year Treasury notes. Average mortgage rates are usually about 1.8 percentage points higher than the yield on the 10-year note. Yields matter because lenders don’t keep the mortgage they originate on their books for long. Instead, in order to free up money to keep originating more loans, lenders sell their mortgages to entities like Freddie Mac and Fannie Mae. These mortgages are then packaged into what are called mortgage-backed securities and sold to investors. Investors will only buy if they can earn a bit more than they can on the government notes.

Why is my mortgage rate higher than average?

Not all applicants will receive the very best rates when taking out a new mortgage or refinancing. Credit scores, loan term, interest rate types (fixed or adjustable), down payment size, home location and the loan size will all affect mortgage rates offered to individual home shoppers.

Rates also vary between mortgage lenders. It’s estimated that about half of all buyers only look at one lender, primarily because they tend to trust referrals from their real estate agent. Yet this means that they may miss out on a lower rate elsewhere.

Freddie Mac estimates that buyers who got offers from five different lenders averaged 0.17 percentage points lower on their interest rate than those who didn’t get multiple quotes. If you want to find the best rate and term for your loan, it makes sense to shop around first.

Should you refinance your mortgage when interest rates drop?

Determining whether it’s the right time to refinance your home loan or not involves a number of factors. Most experts agree you should consider refinancing if your current mortgage rate exceeds today’s mortgage rates by 0.75 percentage points. It doesn’t make sense to refinance every time rates decline a little bit because mortgage fees would cut into your savings. You also have to consider whether your credit score would qualify you for today’s best refinance rates.

Many online lenders can give you free rate quotes to help you decide whether the money you’d save in interest charges justifies the cost of a new loan. Try to get a quote with a soft credit check which won’t hurt your credit score.

You could enhance interest savings by going with a shorter loan term such as a 15-year mortgage. Your payments may be higher, but you could save in interest charges over time and you’d pay off your house sooner.

Should you buy mortgage points?

Many lenders sell mortgage points (also known as discount points). Buying points means you’d pay more up front to lower your mortgage rate which could save you money long-term. A mortgage discount point normally costs 1% of your loan amount and could shave 0.25 percentage points off your interest rate. (So, with a $200,000 mortgage loan, a point would cost $2,000.) Discount points only pay off if you keep the home long enough. Selling the home or refinancing the mortgage before you break even would short circuit the discount point strategy.

In some cases, it makes more sense to put extra cash toward your down payment instead of discount points If a larger down payment could help you avoid paying PMI premiums, for example.

How to shop for the best mortgage rate

Shopping around for the best mortgage rate can not only help you qualify for a lower rate and but also save money. Borrowers who get a rate quote from one additional lender are able to save $1,500 over the life of the loan, according to Freddie Mac. That number goes up to $3,000 if you get five additional quotes.

The best mortgage lender for you will be the one that can give you the lowest rate and the terms you want. Your local bank or credit union is one place to look. Online lenders have expanded their market share over the past decade and promise to get you pre-approved within minutes.

Shop around to compare rates and terms, and make sure your lender has the loan option you need. Not all lenders write USDA-backed mortgages or VA loans, for example. If you’re not sure about a lender’s credentials, ask for its NMLS number and search for online reviews.

Summary of current mortgage rates

Current mortgage rates are lower today, with the 30-year mortgage rate dropping 0.02 percentage points from last week. The 15-year rate also moved lower.

  • The current rate for a 30-year fixed-rate mortgage is 2.99% with 0.7 points paid, down 0.02 percentage points week-over-week. Last year, the interest rate averaged 2.87%The interest rate during the same week last year was 2.88%.
  • The current rate for a 15-year fixed-rate mortgage is 2.23% with 0.7 points paid, 0.05 percentage points lower than a week ago. A year ago, the 15-year rate was 2.37%.
  • The current rate on a 5/1 adjustable-rate mortgage is 2.52% with 0.3 points paid, up 0.04 percentage points from the previous week. A year ago, the 5/1 ARM rate was 2.89%.

 

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BRAND FINANCE GIFT™ 2021

BRAND FINANCE GIFT™ 2021

Microsoft Overtakes Apple to Become World’s Most Intangible Company

  • With an intangible asset value of nearly $2 trillion, Microsoft becomes world’s most intangible company, overtaking Apple, Saudi Aramco, and Amazon, as Microsoft Teams keeps global economy running through COVID-19 lockdowns.
  • Corporates booming – global intangible value has grown by nearly a quarter over past two years of pandemic, from $61 trillion in 2019 to $74 trillion in 2021
  • Over past 25 years, intangibles have seen astronomical growth – increasing 1145% from estimated $6 trillion in 1996. At this historic rate of change, global intangibles could be worth $1 quadrillion by 2050.
  • Brand Finance and International Valuation Standards Council call for more comprehensive reporting of intangible asset value to facilitate investor understanding and economic recovery post-COVID

Every year, the Brand Finance Global Intangible Finance Tracker (GIFT™) report ranks the world’s largest companies by intangible asset value.

This year’s number one company in terms of total estimated intangible value is Microsoft (US$1.90 trillion), which has jumped from 4th position in 2020 to overtake Apple (US$1.87 trillion), Saudi Aramco (US$1.64 trillion), and Amazon (US$1.47 trillion). Microsoft Teams has become embedded into business life for global organisations, once again proving the value of Microsoft’s ability to innovate and roll-out at scale. Microsoft is investing heavily in its business suite solutions. Although Apple is the more valuable company by approximately $200 billion, Microsoft is estimated to have more intangible value with its portfolio of brands and business operations.

Intangible assets are identifiable, non-monetary assets without physical substance. Intangible assets can be grouped into three broad categories – rights (including leases, agreements, contracts), relationships (including a trained workforce), and intellectual property (including brands, patents, copyrights).

Intangible assets boom during COVID-19 pandemic

Over the past year in particular, global intangible asset value has grown faster than usual, and at $74 trillion it exceeds pre-pandemic levels by nearly a quarter, having increased 23% compared to $61 trillion in 2019. The COVID-19 pandemic has demonstrated even further the importance of people, innovation, reputation, and brand for businesses all around the world. Intangible assets are now unequivocally a boardroom priority.

Increases through the pandemic were primarily fuelled by the growth of the world’s largest organisations which were resilient to investor uncertainty due to their scale and their focus on technologies which we continued to rely on through lockdowns. This year, growth has been driven by China and the USA, with several industries recovering from the downturn in 2020.

In times of crisis, brands – especially those most valuable and strongest in their categories and markets – become a safe haven for capital. Like gold or fine art during past economic downturns, nowadays well-managed, innovative, and reputable brands are what the global economy turns to in the hour of need. There can be no better evidence for why brands matter than the role they have already played and will continue to play in the post-COVID recovery.

David Haigh, Chairman & CEO, Brand Finance

Global intangible value grows by over 1000% in 25 years

25 years ago – when Brand Finance was established – global intangible assets were worth only an estimated $6 trillion, less than a tenth of the same value today. As of September 2021, global intangible assets are worth over $74 trillion. This is a 1145% growth over 25 years – approximately 11% per annum.

It is a pivotal moment in financial reporting for intangibles. Total estimated intangible value has grown by over 1000% in the past 25 years. At the same rate, total global intangible value could stand at over $1 quadrillion by 2050 (that is $1,000,000,000,000,000). As investors grapple with balancing various issues such as Climate Change and ESG over the coming years, it is essential that the data they need to understand these vast sums is readily available.

Annie Brown, Associate, Brand Finance

Internally generated intangibles should be recognised in financial reports

The majority of intangible assets are not recognised, due to the limitations set by the financial reporting rules, which state that internally generated intangible assets such as brands cannot be disclosed in a company balance sheet.

Investors should not be deprived of this critical information. Intangible assets such as strong, valuable brands and innovative technology can be the differentiators that drive a $2 billion company to $2 trillion in 25 years – as witnessed with Apple. This information vacuum for investors is part of the reason why Brand Finance endeavours to estimate the extent of “undisclosed intangible value” in our GIFT™ study each year.

David Haigh, Chairman & CEO, Brand Finance Plc

To truly aid investors and provide them with useful information, we believe management should be allowed and required to:

  1. Identify the key intangibles of the entire business – both internally generated and acquired.
  2. Provide an opinion on the value of those intangibles in the notes to the financial statements.
  3. Provide an opinion of the overall business value at the reporting date, to help investors to understand whether or not their capital is allocated efficiently.

Despite the importance of intangible assets to the capital markets, only a small percentage are recognised on balance sheets, typically via acquisition from a third-party transaction. The pandemic has further exacerbated the disparity between market values and book values for those industries most reliant on brands, technology, and human capital for value creation. The IVSC supports Brand Finance, and all others, that look to make progress on this most critical issue.

Kevin Prall, Technical Director, International Valuation Standards Council (IVSC)

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BRAND FINANCE EUROPE 500 2021

BRAND FINANCE EUROPE 500 2021

Auto Brands Dominate in Europe: Mercedes & Ferrari are Continent’s Most Valuable and Strongest Among Top 500 Brands

  • Total brand value of Europe’s top 500 most valuable brands drops 10% from €1.96 trillion to €1.76 trillion during the COVID-19 pandemic
  • Automobiles is continent’s most valuable sector, accounting for 14% of total brand value in ranking
  • Mercedes-Benz is Europe’s most valuable brand, brand value nearly €50 billion
  • Ferrari is Europe’s strongest brand, boasting elite AAA+ rating
  • Banking sector takes hit, cumulative brand value down 20%
  • Changing consumer habits propel retail sector to brand value growth, with Germany’s Delivery Hero continent’s fastest-growing brand – up 148%
  • Over half of brands in top 500 hail from just three nations: Germany, France, and UK

The total value of Europe’s top 500 most valuable brands has dropped 10% during the COVID-19 pandemic from €1.96 trillion in 2020 to €1.76 trillion in 2021.

Brand Finance’s ranking has been expanded to include the old continent’s 500 most valuable brands for the first time, allowing for comparisons with the world’s two other major economies – the United States and China. The US is in a league of its own, with its top 500 reaching a total brand value of a staggering €3.40 trillion. While Europe comes in second place, the impact of the COVID-19 pandemic has undermined its standing and China is quickly catching up, with its top 500 brands totalling €1.65 trillion in brand value.

The COVID-19 pandemic has ravaged Europe and the world alike, and the impact on the old continent’s top brands cannot be ignored, with the total brand value of the top 500 ranking decreasing 10% year-on-year. The pandemic has tested the resolve of Europe’s top brands – some have truly thrived and benefitted as consumers completely shifted their habits, whereas others will be hoping that the continent’s rapid vaccination programme enables them to return to normal operations soon.

Richard Haigh, Managing Director, Brand Finance

Automobiles speed ahead as most valuable sector

Automobiles is the most valuable sector across the continent, with the 27 brands that feature in the Brand Finance Europe 500 2021 ranking accounting for 14% of the total brand value (€237.7 billion). German brands still command the auto industry across Europe, with the seven brands represented totalling an impressive €171.5 billion or three quarters of the sector’s total. Mercedes-Benz once again leads the pack as the most valuable brand in Europe, with a brand value of €49.6 billion. Volkswagen (down 1% to €40.0 billion), BMW (down 6% to €34.4 billion), and Porsche (down 5% to €29.2 billion) all claim places in the top 10 in 3rd, 5th, and 6th respectively.

Despite maintaining its position at the top, Mercedes-Benz has recorded a 16% decline in brand value this year. It has been a difficult year for most traditional car manufacturers – Mercedes included – with sales impacted by COVID-19. The iconic German marque also struggled to formulate a coherent electric mobility strategy and communicate a clear vision for its electric car models.

Volkswagen has recorded healthier results, its brand value only recording a marginal 1% drop. The brand has continued to focus on its ‘New Volkswagen’ strategy – described as a new era for the brand, as well as implementing its TOGETHER 2025+ strategy – with the ultimate aim of selling 50 different fully-electric vehicles and another 30 plug-in hybrid options. Should the brand be successful, it will overtake Tesla to become the world’s largest electric carmaker.

Ferrari is Europe’s strongest brand

In addition to measuring overall brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. According to these criteria, Ferrari is Europe’s strongest brand – and the second strongest brand in the world with a Brand Strength Index (BSI) score of 93.9 out of 100 and corresponding elite AAA+ brand strength rating.

Ferrari reacted proactively to the pandemic, initially shutting down production and then reopening with a focus on creating a safe working environment. This both minimised disruption and reinforced the brand’s reputation as a high-quality and responsible firm. In line with this, Ferrari ranks high for reputation in our Global Brand Equity Monitor study, particularly in Western Europe (in the top 3 of all brands researched in France, Italy, and the UK). Ferrari remains a highly desired brand, albeit aspirational rather than accessible for many.

Alongside revenue forecasts, brand strength is a crucial driver of brand value. As Ferrari’s brand strength maintained its rating, its brand value dropped only slightly, down 4% to €7.9 billion. For years, Ferrari has utilised merchandise to support brand awareness and diversify revenue streams and is now taking steps to preserve the exclusivity of the brand, planning to reduce current licensing agreements by 50% and eliminate 30% of product categories.

Banking sector down 20%

As governments scramble to stimulate economic growth in the face of the ongoing global health crisis, and profits and interest rates take a hit, it is unsurprising that Europe’s banking sector has recorded the most dramatic cumulative brand value loss among the main sectors of the economy. The total brand value in the industry has declined by 20% – from €225.8 billion in 2020 to €181.8 billion in 2021 – and three brands have dropped out of the ranking this year, bringing the total number to 53.

The UK’s HSBC is the highest ranked banking brand, but only sits in 21st spot, down six places from last year following an 18% brand value decrease to €14.5 billion. Over the last year, HSBC has had to navigate a dent in profits, lower interest rates sparked by the pandemic, political tensions between the US and China, and the uncertainty surrounding Brexit, all of which caused the brand’s profits to plunge by 65% in the first half of 2020.

Similarly, Spain’s leader in the sector, Santander, has seen its brand value go down 23% to €12.2 billion, dropping out of the top 25 this year to 26th position. Its larger presence in the South American markets has meant the risk exposure is larger than its Spanish counterparts’ and thus the turbulence of the last year has meant expected returns are less optimistic than previous years, impacting overall brand value.

Other national banking leaders from across the continent have fared slightly better, climbing the ranking despite losing brand value: France’s BNP Paribas (down 12% to €10.5 billion), the Netherlands’ ING (down 17% to €8.5 billion), and Switzerland’s UBS (down 11% to €7.4 billion) have moved up to 29th, 38th, and 51st positions, respectively.

Sber cashes in as strongest banking brand

Russia’s market leader, Sber, is the strongest banking brand across the continent and globally. The brand has successfully increased its brand strength year-on-year to reach an impressive BSI score of 92.0 out of 100 and the coveted AAA+ brand strength rating.

As the largest bank in Russia, Sber has benefitted from its stable brand and high levels of customer loyalty. These have only been boosted by the recent rebranding to consolidate its ecosystem of services – encompassing banking, health, and logistics, among others – around the Sber brand. Sber is poised for further success, as the company’s pledge to spend more on its brand in the coming year is likely to further boost its BSI score.

In our original market research, Sber consistently outperforms its peers in overall reputation and familiarity – it is widely known, always top-of-mind, and well-regarded. As a result, recommendation is high. Its ubiquitous presence and – in consumers’ eyes – by far the best digital offering ensure high mental and physical availability, which are strong foundations for brand strength.

Sber’s successful rebranding as a cross-sector tech brand can be an example to other market leaders worldwide. While some rest on their laurels and are often surprised by disruptive challengers, Sber is focused on the future, innovating and modernising with their customers’ best interests in mind.

David Haigh, CEO of Brand Finance

Retail sector posts brand value growth

Bucking the trend across Europe’s largest industries, the retail sector has recorded a 4% uptick in cumulative brand value. It is the third most valuable sector, behind autos and banking, with the 49 brands that feature accounting for 9% of the total brand value..

Unsurprisingly, various types of retailers have been impacted by the pandemic differently, as consumer habits have been forced to change. Notably, delivery apps and e-commerce platforms are among the fastest growers in the ranking this year. Delivery apps have benefited from the displacement of hospitality spend, where demand for quality food and small indulgences cannot be fulfilled by lockdown-hit restaurants and bars, with consumers turning to takeaways.

Germany’s Delivery Hero is the fastest-growing brand in the ranking, following an impressive 148% brand value growth to €3.2 billion. Similarly, Just Eat is the second fastest-growing brand, up 112% to €2.5 billion.

Nevertheless, brick-and-mortar retailers IKEA (down 13% to €15.3 billion), Aldi, and Lidl still claim the podium for the sector’s most valuable brands. The German supermarket rivals have posted contrasting results, however, with Aldi recording a 2% increase in brand value and Lidl a 14% decrease.

Aldi (brand value €13.2 billion) has embarked on a foray into the online retail space, successfully pivoting its offering in the face of the pandemic. The same strategy has not been undertaken by Lidl (brand value €9.6 billion), with the CEO of the UK arm, Christian Härtnagel, arguing the pandemic has artificially inflated demand for online shopping and that the costs are simply too high.

German brands represent a quarter of total brand value

With the nation’s 65 brands making up 25% of the total brand value in the ranking, Germany is well ahead of the pack.

France sits in second, with 91 brands featuring and their brand value equating to 20% of the total. Orange (down 1% to €16.3 billion), Total (down 26% to €15.4 billion), and AXA (up 1% to €14.8 billion) are the top three most valuable French brands, claiming 13th, 15th, and 19th spots, respectively. Orange has continued its focus on the deployment of 5G, which as of the beginning of 2021, is present in 160 cities.

Brexit puts Britain on backfoot?

Despite the UK still having the greatest number of brands represented at 101, it is the only major economy to lose brands in the ranking, with nine brands dropping out the ranking this year. After Britain’s official exit from the European Union in January 2020, the true impact of its departure is yet to be seen, especially given the pandemic turmoil of the previous year.

A total of 334 or two in three among the top 500 brands hail from the EU, a number that has dropped a considerable amount now that the UK has left.

Very few brands from Central and Eastern Europe are represented, with only 22 featured in total. The majority of these brands hail from Russia, whose 15 brands account for 2% of the total brand value in the ranking.

With over half of the brands in the top 500 hailing from just three nations – Germany, France, and the UK – the smaller economies have a long way to go to stamp their authority across the continent. The focus should be shifted towards investment in building up and supporting strong homegrown brands to expand internationally, which will in turn drive local economies forward.

Richard Haigh, Managing Director, Brand Finance

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