Bentley Motors has unveiled its financial performance for the year 2023, which was significantly shaped by a surge in interest in luxury personalization. The company reported operating profits of $644.7 million, driven by a remarkable 43% increase compared to 2022, largely attributed to the fact that three-quarters of customers delved into the vast array of options, exploring a staggering 46 billion different configurations available from Bentley’s Mulliner division to add bespoke content.
The luxury automaker achieved a revenue of $3.213 billion, with a notable shift towards higher revenue models such as Azure, S, and Speed, which collectively accounted for 70% of sales, a substantial rise from 30% in the previous year. Bentley delivered a total of 13,560 cars in 2023, marking its third-highest retail figure in history.
The return on sales for 2023 stood at 20.1%, a slight decrease from 20.9% in the preceding year. This dip can be attributed to upfront expenditures for future products and planned reduced volumes due to life cycle effects.
Bentley’s latest financial results are in alignment with its Beyond100 strategy, aimed at self-funding the transformation of its entire product range to electric vehicles and achieving carbon neutrality by 2030.
Adrian Hallmark, Chairman and CEO of Bentley Motors, expressed satisfaction with the company's performance amid a challenging global environment. He emphasized Bentley's commitment to prioritizing customer value over volume and highlighted the company's resilience, strong foundations, and adaptability.
The SUV trend continued to dominate as the Bentayga remained Bentley’s top-selling model, comprising 44% of total sales and solidifying its position as the most successful luxury SUV globally. Additionally, the Continental GT and GT Convertible maintained consistent appeal, representing nearly a third of sales at 31%, while the Flying Spur, known as the world’s finest luxury four-door grand tourer, accounted for 25% of total sales volume.
Despite challenges in various global regions, the Americas retained its status as Bentley's largest selling market. Notably, the UK emerged as the leading market for hybrid models by proportion, with 27% of relevant model lines sold in 2023 being hybrid options, reflecting a growing preference for sustainable choices among customers.
Historical five-year performance
