LONDON — British luxurious carmaker Bentley on Tuesday reported a decrease working revenue for 2023 after a weak economic system and excessive rates of interest hit gross sales, however the firm stated its efficiency had stabilized and new launches would increase it in 2024.
“We had an uneven efficiency for the primary time in about 4 years,” CEO Adrian Hallmark advised reporters. “Despite the fact that our clients can nonetheless afford our automobiles… there was a degree of emotional sensitivity that slowed down demand.”
For many who leased moderately than purchased automobiles with a beginning pre-tax worth above 220,000 euros ($238,590), rates of interest had led to a tripling in month-to-month charges final 12 months, Hallmark stated.
He stated the launch of 4 high-performance hybrids this 12 months ought to spur gross sales as the corporate gears as much as launch its first absolutely electrical Bentley in 2026.
Bentley is aiming for an all-electric mannequin lineup by 2030, however Hallmark stated its hybrids had been more likely to be on sale after that deadline as the corporate seeks to make sure a return on its substantial funding.
The posh automaker in January reported an 11% drop in gross sales for 2023 following a file 12 months in 2022.
The British luxurious unit of Volkswagen posted an working revenue of 589 million kilos ($748 million) for 2023, down almost 17% from 708 million kilos in 2022.
Income was down 13% at 2.94 billion kilos from a 12 months earlier and the corporate stated its revenue margin dropped to twenty.1% from 20.9% in 2022 due to investments in new automobiles.
