VW Group owned Bentley Motors has announced sixth consecutive year of profitability as it prepares to launch of its first battery-powered electric vehicle (BEV) in 2027.
The company also laid the ground on its new BEV assembly line situated in the oldest building at the Pyms Lane site in the UK.
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Bentley reported a revenue of €2.65bn ($2.89bn) for financial year 2024 and an operating profit of €373m.
The luxury automaker emphasised a “value over volume” strategy, with revenue per car rising 10% over the past two years.
The company reported a return on sales of 14.1%, marking it one of the industry’s highest.
Bentley Motors chairman and CEO Frank-Steffen Walliser was cited by Reuters as saying that said the company would not disclose publicly the number of cars sold.
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By GlobalDataWhile announcing financial results, Walliser said: “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 revolutionise our product cycle plan, but also transform an 85-year-old site for a new age of electrification.
“Despite global challenges in 2024 and the run out and replacement of three of our four model lines, financial resilience measures introduced towards the end of the last decade ensured a sixth year of consistent profitability.
“We have reached record levels of revenue per car, a well-balanced export strategy and a clear structure to maximise personalisation. This, added to a full year availability of our new plug-in hybrid Continental GT and Flying Spur models gives us a great deal of optimism and will have a significant, positive impact on our order bank and sales as we continue through the year.”
Bentley’s financial performance underpins its Beyond100+ strategy, aiming for an all-electric product lineup by 2035.
The strategy includes the launch of a new hybrid or electric model annually for the next decade.
The year 2024 marked a significant transition for Bentley with the third-generation Continental GT making way for the fourth, ending W12 engine production in Crewe and introducing a new V8 hybrid powertrain.
Following the recent inauguration of the Excellence Centre for Quality & Launch and a new Paint Shop, these investments solidify Bentley’s allegiance to its Beyond100+ strategy and the future of UK manufacturing.
