Luxury British brand Bentley reports record revenues per vehicle as wealthy buyers spend up to customize their rides, it announces overall revenues fell back to pandemic levels in 2024.
Data released by the company show revenues slumped by 10% in 2024 to €2.648 billion ($2.894 billion) a level just above that of 2020 in the middle of the global Covid outbreak with operating profits down 37% to €373 million ($407 million).
Presenting the financials, CEO Frank-Steffen Walliser Bentley says customization is a growing profit center. Personalization capabilities such as the recently unveiled limited-edition Black Gold Batur with bodywork finished in rose gold paint and 3D printed hallmarked 18-karat rose gold at key driver touchpoints in the cabin is proving popular with high-end buyers.
In 2024, Bentley Motors reported global vehicle sales totaling 10,600 units, a 21.5% decrease from the 13,560 vehicles sold in 2023.
- Americas: 1,652 vehicles sold (30% of total sales), a 20% decrease from 2,065 units in the same period of 2023.
- Chinese Mainland, Hong Kong, and Macau: 1,311 vehicles sold (24% of total sales), a 13% decrease from 1,512 units.
- Europe: 1,054 vehicles sold (19% of total sales), a 21% decrease from 1,340 units.
- Asia Pacific: 679 vehicles sold (13% of total sales), a 29% decrease from 963 units.
- United Kingdom: 428 vehicles sold (8% of total sales), a 38% decrease from 688 units.
- Middle East: 352 vehicles sold (6% of total sales), a 33% decrease from 528 units.
Because the luxury unit plans to emphasize and manage for revenue per vehicle on relatively low sales volume, Walliser says the company sees no point in publicly disclosing how many cars it sells in future. “This is a very clear indicator that we put value over volume,” says the CEO.
Bentley will bring its first BEV to market in 2027, with a new electric or hybrid model due out every year over the next decade until the company goes fully electric in 2035 to meet current European Union expected zero-emission vehicle mandate.
This commitment raises the question whether Bentley will be able to sell its hybrid powered models in its domestic market should the U.K. government stick to its 2030 mandate to ban all but new BEV sales.
Currently, the company is investing in building its new BEV assembly line located in the oldest building at the Pyms Lane site in Crewe.
Bentley says 2024 was a transition year for the brand with the end of its W12 internal combustion powertrain replaced by its ultra-performance V8 hybrid powertrain.
It also introduced in the Flying Spur four-door sedan towards the end of the year and hybrid derivatives will be launched later this year.
“Last year marked a milestone year in our transformation as we prepare for our electric future. We are investing at levels never seen before at Bentley, as we not only revolutionize our product cycle plan but also transform an 85-year-old site for a new age of electrification. These are the critical foundations that will build our long-term sustainability and success,” says Walliser.
“Looking forward to 2025, of course we continue to navigate difficult global market conditions and maintained volatile political and economic environments, however our strength of sales is strong,” he added.
