Rolls-Royce Motor Cars (RYCEY) CEO Chris Brownridge joins Brad Smith and Yahoo Finance’s senior auto reporter Pras Subramanian on Wealth! to discuss the company's expectations going forward.

"We're cautiously optimistic about 2024," Brownridge tells Yahoo Finance, saying, "It's very clear that there's some volatility in the macroeconomics around the world. But at Rolls-Royce our business is oriented around our clients. We're highly flexible, and our business is established in every corner of the world. So, of course, as one area may be more successful, another may not be, but it keeps a very balanced portfolio for us. So we're quietly confident that we'll have another successful year in 2024."

The CEO paints a picture of the Rolls-Royce market in China as consumers' mindsets may shift toward local automakers. "At Rolls-Royce, we benchmark ourselves against other luxury houses. Our clients don't need a Rolls-Royce. They want a luxury experience. And in China there's a growing community of ultra high net worth individuals. But of course, everyone knows there's been a lot of talk in the news about the luxury industry in China. You know, there are some there are some headwinds. But for us, we're very much invested in China. We see long-term potential there."

He adds, "In fact, we've opened a private office in Shanghai, which is exactly the same as a private office that we have [in New York City], because increasingly, clients in China, they want a motorcar that reflects their personality...and in the first six months of opening the private office, we've had engagements with more than 200 clients there. So we see great potential in China in the future."

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This post was written by Naomi Buchanan.