LONDON, March 19 (Reuters) – Bentley Motors reported its lowest annual revenue since 2020 on Wednesday, reflecting a challenging global market in 2024. However, the British luxury automaker is prioritizing “value over volume,” with revenue per car increasing 10% compared to 2023.
The Volkswagen (VOWG.DE) unit posted an operating profit of 373 million euros ($407 million) for 2024, a 37% decrease from 589 million euros the previous year. Revenue also fell by 10%, reaching 2.648 billion euros, down from 2.938 billion euros in 2023.
Speaking to reporters, CEO Frank-Steffen Walliser stated that the company would no longer publicly disclose its vehicle sales figures. Nonetheless, he highlighted that Bentley’s revenue per car has reached record levels as high-end clients continue to invest in personalized features, significantly increasing 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 of the focus on high-value customization, executives cited a recent limited-edition vehicle. This model featured up to 210 grams of 3D-printed, hallmarked 18-karat rose gold accents at key driver touchpoints within the car.
Walliser also noted that the luxury market in China, a crucial region for Bentley sales, remains “quite challenging.”
Chief Financial Officer Jan-Henrik Lafrentz discussed the potential impact of proposed U.S. tariffs. He indicated that if U.S. President Donald Trump implements tariffs of 25% on cars, Bentley would pass those costs on to customers. “We are assessing different scenarios on how to handle it, but it will be finally passed on to the consumer,” Lafrentz said.
Lafrentz added that recent stock market volatility and worries about a possible U.S. recession haven’t yet affected sales. “We don’t see it in the order book yet,” he said.
Bentley plans to launch its first electric car in 2026, with a new electric or hybrid model scheduled annually over the subsequent decade, culminating in the transition to an all-electric lineup by 2035.
($1 = 0.9163 euros)
Reporting by Nick Carey. Editing by Mark Potter
