Bentley posted its lowest annual revenue since 2020 due to a tough global market in 2024. The COVID pandemic struck in 2020. However, the British luxury automaker stated it was pursuing “value over volume” with revenue per car up 10% compared to 2023.
The Volkswagen unit reported a 2024 operating profit of 373 million euros ($407 million). This is a 37% decrease from the 589 million euros earned the previous year.
Revenue fell 10% to 2.648 billion euros. In 2023, revenue was 2.938 billion euros.
CEO Frank-Steffen Walliser told reporters that the company would no longer disclose car sales figures publicly.
However, he said Bentley’s revenue per car had reached record levels because high-end customers continue to invest in bespoke features, sharply raising the price and profit margin.
“This is a very clear indicator that we put value over volume,” Walliser said.
Executives cited a recent limited edition vehicle painted rose gold. This vehicle featured up to 210 grams of 3D printed hallmarked 18-karat rose gold at key driver touchpoints inside the car.
Walliser emphasized that the luxury market in China, a key country for Bentley sales, remains “quite challenging.”
CFO Jan-Henrik Lafrentz stated that Bentley would pass on the cost to consumers if U.S. President Donald Trump implements 25% tariffs on cars.
“We are assessing different scenarios on how to handle it, but it will be finally passed on to the consumer,” Lafrentz said.
Lafrentz said recent stock market turmoil and fears of a possible U.S. recession have not yet impacted sales.
“We don’t see it in the order book yet,” he said.
Bentley will launch its first electric car in 2026. The company plans to release a new electric or hybrid model every year for the next decade, aiming to become all-electric by 2035.
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