Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Ukraine and Russia Conduct Largest Prisoner Exchange of the War
×