Bentley has reported its lowest annual revenue since 2020, citing a difficult global market in 2024. The British luxury automaker, a subsidiary of Volkswagen, announced an operating profit of $407 million, marking a 37% decline from the previous year’s $589 million. Revenue also dropped 10% to $2.9 billion, down from $3.2 billion in 2023.
Despite the decline, Bentley emphasized its focus on “value over volume,” with revenue per car increasing by 10% compared to 2023. The company attributes this growth to high-end customers investing in bespoke features, driving up both vehicle prices and profit margins.
CEO Frank-Steffen Walliser stated publicly to reporters that Bentley would no longer publicly disclose its sales figures but highlighted that the average revenue per car had reached record levels. Bentley’s stunning “The Black Rose” Batur is an excellent example of this trend. The vehicle was a special customer commission that featured custom black rose exterior paint, matching interior, and 210 grams of hallmarked 3D-printed, 18-karat rose gold at key driver touchpoints.
The luxury market in China, historically a strong market for Bentley, remains challenging. Chief Financial Officer Jan-Henrik Lafrentz addressed concerns over potential U.S. tariffs on imported vehicles. He stated that if a proposed 25% tariff is implemented by the Trump administration, Bentley would pass the cost on to consumers. Lafrentz also commented on current economic uncertainties, stating that recent stock market fluctuations and recession fears have not yet impacted Bentley’s order book.
Looking ahead, Bentley remains committed to its transition toward electrification. The company plans to launch its first electric vehicle in 2026, followed by a new electric or hybrid model each year until it fully transitions to an all-electric lineup by 2035.
