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Bentley says 'emotional sensitivity' slowed sales in 2023

LONDON — British luxury carmaker Bentley on Tuesday reported a lower operating profit for 2023 after a weak economy and high interest rates hit sales, but the company said its performance had stabilized and new launches would boost it in 2024. "We had an uneven performance for the first time in about four years," CEO Adrian Hallmark told reporters. "Even though our customers can still afford our cars... there was a level of emotional sensitivity that slowed down demand." For those who leased rather than bought cars with a starting pre-tax price above 220,000 euros ($238,590), interest rates had led to a tripling in monthly fees last year, Hallmark said. He said the launch of four high-performance hybrids this year should spur sales as the company gears up to launch its first fully electric Bentley in 2026. Bentley is aiming for an all-electric model lineup by 2030, but Hallmark said its hybrids were likely to be on sale after that deadline as the company seeks to ensure a return on its substantial investment. The luxury automaker in January reported an 11% drop in sales for 2023 following a record year in 2022. The British luxury unit of Volkswagen posted an operating profit of 589 million pounds ($748 million) for 2023, down nearly 17% from 708 million pounds in 2022. Revenue was down 13% at 2.94 billion pounds from a year earlier and the company said its profit margin dropped to 20.1% from 20.9% in 2022 because of investments in new vehicles. Earnings/Financials Green Bentley Luxury

Ultra-luxury automakers like Bentley and Rolls-Royce need to hurry up with EVs

In the five years that I've worked at Autoblog, I've read a lot of press releases. They're all pretty flowery and self-serving, but the ones that go the extra distance with lavish words and pompous phrasing tend to come from the most luxurious brands, Bentley and Rolls-Royce. And something that they both love talking about is sustainably sourced materials for their vehicles. The descriptions read like they've seen the light about using resources responsibly. That would be great, except for one thing: There's nothing sustainable about multi-ton land yachts with eight or more cylinders. Only one of Bentley's models can be had with fuel economy better than 20 mpg combined when running on gasoline, and guess what, it's not one of the brand's two plug-in hybrids (which are to be commended, but still seem half-hearted when we're talking serious sustainability). And Rolls-Royce is even worse without a single model even hitting 15 mpg combined. These automakers should have at least one EV model apiece. Apparently, there are some coming, but they're still years away, and that frankly shocks and frustrates me for a number of reasons. One of the big ones is that these brands couldn't be better suited to electric propulsion. What makes these cars impressive is their refinement and performance. You can't get much better in either of those categories than with beefy electric motors, which provide nearly silent operation with no gear changes and enormous power and torque ratings. And it's all achievable with a lot less effort than making an 8- or 12-cylinder internal combustion engine quiet and smooth. Sure, battery technology is complicated, and it's expensive and heavy, but all of that is covered by these brand's typical products. They can command prices that would easily absorb the cost of batteries. And the size and weight of current cars mean that loading them up with batteries to achieve range comparable to their gas models wouldn't be a problem, either. Heck, that's the exact strategy being used by GM and Ford to get huge range in their electric trucks. 2020 Porsche Taycan Turbo S View 41 Photos And the cost of the EV technology shouldn't even be that great for Bentley or Rolls-Royce, since they're both owned by companies that are leaders in electric car development with existing technology and the ability to spread costs out over various brands.

Bentley EXP 10 Speed 6 gets positive reactions on auto show circuit

Bentley is in the midst of a world tour with its EXP 10 Speed 6 concept. Unveiled at the Geneva Motor Show last month, the concept subsequently appeared in New York and now in Shanghai, and will stop in the Middle East on its way back home to England. The purpose: to gauge reactions from potential customers. And so far it's reportedly been pretty good. Speaking with Autocar in Shanghai this week, Bentley CEO Wolfgang Durheimer said most of the potential buyers who spoke to the company after seeing the concept have encouraged Crewe to build it. The only adjustments it's been asked to make were to the front end. Those LED ring headlights look interesting, but would be unlikely to make production. And the grille would likely be more swept back than upright. The process is similar to how Bentley is evolving the EXP 9 F crossover concept into the production Bentayga. The company is listening to customers about what they like and don't like, and adjusting accordingly. Of course none of that means that the EXP 10 Speed 6 will actually see production. It would still need the green light from parent company Volkswagen, which has been cutting back on development spending lately. And with the Bentayga yet to reach showrooms, Bentley has its hands full at the moment. But the segment in which this luxury GT would compete – against the likes of Aston Martin and Maserati – is not one where the VW group really participates at the moment. Neither Lamborghini, Audi nor Porsche have a front-engined sports car in this segment, with only Bentley's own Continental GT coming close. The potential to take a slice of a different pie could prove enough to convince the powers in Wolfsburg to sign off on the EXP 10 Speed 6, especially if it can be based on an existing architecture and shared with other divisions. Related Video: