Bentley profits dip as investment ramps up for electric future

Bentley’s profits dipped 37% last year to £314 million (€373m), but new CEO Frank-Steffen Walliser described the results as “positive” as the firm ramped up investment in new products and its factory to prepare for a significant increase in its electrified line-up.

The British manufacturer is gearing up to launch its first full EV, described as a ‘luxury urban SUV’, in 2027, and will launch at least one new hybrid or EV every year for the next decade, with the goal of becoming electric-only by 2035.

Bentley, which sits alongside Audi as a business unit within the Volkswagen Group, posted revenues of £2.2 billion in 2024, a dip of 10% on 2023 levels. But global economic challenges, increased costs, the renewal of three of its four model lines and investment at Crewe – including a new paint shop, a new quality centre and a new production line for EVs – impacted profits.

As a result, the £314m profit was down on £495m in 2023 and the record £595m that Bentley achieved in 2022. However, the result still marked the fourth best year in the firm’s 105-year history and a fourth straight year of profit.

“We consider 2024 a positive year, despite the headwinds we felt in some of our markets,” said Walliser. “Three of our four models were heavily updated, so with all the investment it was a transition year, and we’ve laid the foundation for 2025 in terms of the products.”

Bentley’s performance was aided by a return on sales of 14.1% which, although down on 20.1% in 2023, remains one of the strongest in the industry.

Walliser hailed the impact of the Mulliner division in achieving this, noting that around 70% of Bentleys sold feature some level of customisation, while the amount of Mulliner content in each car has tripled.

That builds into Bentley’s continued push for value over volume.

Under Bentley’s original Beyond 100 strategy, the firm aimed to become electric-only by 2030, but after taking over at the firm last year, Walliser revised that to 2035, due to the slowdown in the growth of EV demand.

He said that remains the current target, confirming the firm is on track to reveal its first EV in 2026 before it goes on sale in 2027. The car will be built at Crewe on a new state-of-the-art assembly line in the A1 building.

Walliser said that new production line would be “fully flexible” in “content as well as volume, as well as different products.”