Caymans Post

A world within. A state apart.
Tuesday, Apr 23, 2024

Bentley is going electric whether you like it or not

Bentley is going electric whether you like it or not

Bentley had its best year ever for sales and profits in 2022 and is working toward becoming an all-electric automaker by 2030 with more customers interested in making the switch.

The luxury automaker sold 15,174 vehicles worldwide and turned a profit of $752 million, both all-time records for the brand.

Profits increased 82% over the prior year driven by a 20.9% return on sales, which benefited from an increasing number of high specification and bespoke vehicle orders.

"We have built a sustainable financial basis for the long-term, a competitive cost structure and unique market positioning, resulting in a historically strong cash generative that is providing the funding for the most ambitious race to full BEV and carbon neutrality in the luxury sector," Bentley Chairman and CEO Adrian Hallmark said.

"Our order bank and order intake rate so far in 2023 show strong potential to sustain our performance, although the business environment is becoming more volatile and risk factors are increasing."


Sales were led by the Bentayga, which accounted for 42% of deliveries.

The large SUV is available with a range of engines that includes a 12-cylinder, a V8 and a plug-in hybrid V6, but they will be going extinct soon.

Bentley is one of several brands that has committed toward going all-electric by 2030 and will launch its first zero-emissions model in 2025.

Adrian Hallmark is confident Bentley's customers will make the transition to electric.


During a roundtable with reporters, Hallmark said the company is "fully committed to go fully electric," even as some of its sister brands under the Volkswagen Group umbrella are investigating the use of carbon-neutral synthetic E-Fuels as a way to keep internal combustion engines alive.

Part of Bentley's appeal has always been its big, powerful motors, and the company estimates it has sold more vehicles with 12-cylinder engines over the past 20 years than all other automakers combined, but Hallmark thinks the choice is clear.

Bentley's 12-cylinder engine features a unique W-configuration.


E-Fuels have yet to be approved by regulators in Europe and elsewhere who are developing zero-emissions automobile regulations, which makes it a risky proposition for a smaller company like Bentley.

"We can’t afford to develop both," Hallmark told FOX Business.

"Looking at our customer profiles and the cities and countries restricting the use, we are on the right side of the equation."

He is confident most Bentley owners will come along for the ride.

"We’ve not done this without consulting our customers."

Hallmark said that four years ago just 14% of those polled said they were looking to buy an electric Bentley within five years, but now that number is 62%, and he expects it to be above 70% in an upcoming survey.

"We accept losing some customers, but it's better than losing 70%."

Its gasoline engines will be going out with a bang, however, and Hallmark said there will be special edition "last-ever" models as they are retired.

Newsletter

Related Articles

Caymans Post
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
×