Luxury Car Manufacturer Resilient Amidst Global Market Challenges
Crewe, 25 July 2024 — Bentley Motors has unveiled its financial results for the first half of 2024, showcasing the luxury British marque’s resilience in a volatile economic climate. The company reported an operating profit of €261 million for the period, a decrease from the €390 million recorded in the first half of 2023.
Despite this decline, Bentley’s overall revenue reached €1.388 billion, down from €1.681 billion in the same period last year. The return on sales was noted at 18.8%, a reduction from the 23.2% achieved in the first half of 2023.
Strategic Vision Amid Challenges
Jan-Henrik Lafrentz, Member of the Board for Finance and IT at Bentley, provided insight into the company’s performance. “Despite a challenging first half of 2024, our half-year results provide a platform to remain focused on delivering our key strategic initiatives and investment plans, including the transformation of our product portfolio to fully-electric in the years to come,” Lafrentz said.
He acknowledged the tough trading conditions in several key markets but remained optimistic about future prospects. “We do remain cautious and anticipate continued difficult trading conditions in some key markets. However, we are seeing a great deal of optimism for the recently launched Continental GT Speed and expect this to have a significant, positive impact on our order bank numbers later this year and early in 2025 as the car enters global markets,” he added.
Sales Breakdown and Market Performance
Bentley delivered 5,476 cars in the first half of 2024, a 23% decrease compared to the same period in 2023. The Bentayga SUV, including its Extended Wheelbase (EWB) models, led the sales, accounting for 41% of the total. The Continental GT and GTC models followed, contributing 34% to the sales, while the Flying Spur made up the remaining 25%.
Regionally, the Americas continued to be Bentley’s strongest market, followed by China and Europe. This geographical performance highlights the brand’s diverse market reach and the varying economic conditions across these regions.
Outlook for the Future
Despite the current economic headwinds, Bentley is steadfast in its commitment to innovation and sustainability. The company’s strategic focus on electrification is set to play a crucial role in its future growth, aligning with the broader automotive industry’s shift towards greener technologies.
Bentley’s robust financial health, coupled with its strategic initiatives, positions it well to navigate the ongoing economic challenges. As the global market evolves, Bentley’s emphasis on luxury, performance, and sustainability will continue to drive its success.
Bentley’s half-year financial results underscore the brand’s resilience in the face of economic adversity. While the company faces challenges, its strategic initiatives and strong market presence ensure it remains a formidable player in the luxury automotive sector. The anticipation surrounding the new Continental GT Speed exemplifies the brand’s ability to generate excitement and sustain demand even in tough times.
Half-year financial figures
| Financial result | 2024 HY | 2023 HY |
|---|---|---|
| Revenue | €1.388 billion (-17%) | €1.681 billion |
| Operating Result | €261 million (-33%) | €390 million |
| Return on Sales | 18.8 per cent | 23.2 per cent |
Half-year sales figures
| Market | 2024 HY | 2023 HY | 2024 HY (% of total sales) |
|---|---|---|---|
| Americas | 1,652 (-20%) | 2,065 | 30% |
| Chinese mainland, Hong Kong and Macau | 1,311 (-13%) | 1,512 | 24% |
| Europe | 1,054 (-21%) | 1,340 | 19% |
| Asia Pacific | 679 (-29%) | 963 | 13% |
| United Kingdom | 428 (-38%) | 688 | 8% |
| Middle East | 352 (-33%) | 528 | 6% |
| Total | 5,476 (-23%) | 7,096 | 100% |
