Bentley Motors has announced its record-breaking financial results for 2022, showcasing remarkable growth in operating profits, turnover, and sales. The company reported a profit of €708 million, marking an impressive 82 percent increase compared to 2018, despite only a four percent growth in volume. Turnover soared to €3.38 billion, representing a 19 percent increase over the same period.
These stellar financial achievements come on the heels of a record-breaking sales year in 2022 when Bentley delivered 15,174 exceptional vehicles, surpassing the 15,000 mark for the first time in its history. This financial transformation positions Bentley for an unprecedented investment program that will reshape it from the world's largest producer of 12-cylinder engines to an all-electric car manufacturer within a decade.
Notably, the return on sales reached 20.9 percent in 2022, a substantial rise from 13.7 percent in 2021, marking the highest in Bentley's 104-year history. This surge was driven by customer preferences for higher specification variants, increased options selection, and the sale of Limited Editions and Coachbuilt collectibles.
Adrian Hallmark, Chairman and CEO of Bentley Motors, commented on the remarkable journey of transformation since 2018, highlighting the almost €1 billion profit turnaround despite facing multiple disruptions and crises, including Brexit, COVID-19, semiconductor supply issues, geopolitical challenges in Ukraine, and economic instability in the UK. He emphasized the company's solid financial foundation, competitive cost structure, and unique market positioning that enable its ambitious transition to full Battery Electric Vehicle (BEV) production and carbon neutrality within the luxury automotive sector.
Bentley's success story is further supported by its commitment to customer value over sales volume. The company intends to adapt its plans according to the evolving market conditions while maintaining a focus on export success, disciplined cost management, and personalization capabilities that enhance profitability.
The demand for SUVs, particularly the Bentayga model, played a pivotal role in Bentley's achievements. Bentayga accounted for 42 percent of total sales and solidified its status as the most successful luxury SUV globally. The Continental GT and Convertible models contributed nearly a third of the sales, with the dynamic GT Speed variant claiming a significant portion. The Flying Spur, an ultra-luxurious four-door grand tourer, achieved 28 percent of total sales, benefiting from the introduction of an eco-friendly Hybrid version.
Bentley's impressive financial results align with its Beyond100 strategy, aiming to electrify the entire product range and attain carbon-neutral status by 2030. This strategy involves a substantial €3 billion, ten-year investment program focused on future models and enhancing the Pyms Lane factory in Crewe, England, where all Bentley vehicles are manufactured.
