Bentley's Awesome First Quarter

Tue 9th May 2023

Bentley Motors have once again gone beyond expectation with a record-breaking opening quarter to 2023, following up with their impressive 2022 sales figures.

Operating profits for the luxury British brand were €216 million in the first quarter of 2023, up 27% year over year. Total revenues increased by 9 percent, reaching €882 million from €813 million.

Profits in 2022 hit a new high of €708 million, an increase of approximately €1 billion from 2018. This record-breaking result also reflected a rise of €319 million from 2021.

The first-quarter return on sales increased from 20.9% in 2022 to 24.4% in 2023. Sales of one-of-a-kind Mulliner Coachbuilt and Limited Edition models contributed greatly to this success, as did the increased demand for customised models in general.

Strong performance in global sales is also reflected in the numbers, which climbed by 10% to 3,517 extraordinary automobiles in the first quarter. An increase of 39% was reported for the Americas, with a total of 1,157 vehicles; increases of 11% for Asia-Pacific and 66% for the Middle East were also observed.

Bentley is able to self-finance its innovative Beyond100 plan, which aims to make the company the world leader in sustainable luxury mobility, thanks to the latest worldwide statistics and demand for new models. Five new battery-electric vehicles (BEVs) will be introduced between 2026 and 2030, with a corresponding expenditure of €3 billion in its Crewe factory.

“Despite a challenging global environment, we started 2023 where we left off in 2022, with another solid set of financial figures, driving growth in revenue, operating profit and return on sales,” said Bentley CEO Adrian Hallmark.

“Bentley’s record performance in the Americas is also especially notable, with one in three of our luxury cars now sold in the region. The introduction of the Bentayga EWB, plus the success of the Flying Spur sedan, have been key to this growth.

“Looking ahead, although our well-balanced distribution model shows signs of encouragement that this success can be continued, we remain cautious about global challenges that remain in the markets.”