In tough global market, Bentley posts lowest revenue since 2020

[LONDON] Bentley on Wednesday posted its lowest annual revenue since the Covid-19 pandemic struck in 2020 as the British luxury automaker faced a tough global market in 2024, but said it was pursuing “value over volume” with revenue per car up 10 per cent versus 2023.

The Volkswagen unit reported an operating profit for 2024 of 373 million euros (S$541.7 million), down 37 per cent from 589 million euros the previous year.

Revenue fell 10 per cent to 2.648 billion euros, from 2.938 billion euros in 2023.

Speaking to reporters, CEO Frank-Steffen Walliser said the company would no longer publicly disclose how many cars it sold.

But he said Bentley’s revenue per car had hit record levels as high-end customers continue to invest in bespoke features that sharply raise the price and profit margin for the automaker.

“This is a very clear indicator that we put value over volume,” Walliser said.

As an example, executives referred to a recent limited edition vehicle painted the colour of rose gold, which featured up to 210 grams of 3D printed hallmarked 18-karat rose gold at key driver touchpoints inside the car.

Walliser highlighted that the luxury market in China, a key country for Bentley sales, remains “quite challenging.”

Chief financial officer Jan-Henrik Lafrentz said that if US President Donald Trump goes ahead with tariffs of 25 per cent on cars, Bentley would simply add that to customers’ bills.

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“We are assessing different scenarios on how to handle it, but it will be finally passed on to the consumer,” Lafrentz said.

Lafrentz said that so far recent stock market turmoil and investor fears of a possible US recession had not had any impact on sales.

“We don’t see it in the order book yet,” he said.

Bentley will launch its first electric car in 2026, with a new electric or hybrid model due out every year over the next decade until the company goes all electric in 2035. REUTERS