Bentley reveals growth down to increasing personalisation, generating more revenue per car
2022 is set to be Bentley's best year ever as the firm looks to break its profits record once again. The third quarter of 2022 saw the luxury brand’s profits double to £497 million for the year-to-date, an increase of 109 per cent compared with the same nine-month period last year.
Bentley’s previous-record breaking £326.41 million profit was set in 2021.
The brand has revealed that while year-to-date sales are up only three per-cent, revenue increased from £1.687 billion in 2021 to £2.155 billion, a 28 per cent growth rate. Expectedly, revenue per car is up, from £156,000 in 2021 to £190,000 in 2022.
Bentley claims revenue per car is up due to increased levels of personalisation. “Significant increase in demand and capitalisation of our Mulliner personalisation programme has driven record return on sales, and continued global interest in the freshest model line in the luxury sector has resulted in record high revenues,” said Bentley CEO Adrian Hallmark.
In terms of individual markets, The UK market rose by 25 per cent with 1,126 units sold. Bentley says the Americas is still its strongest region, with a seven per cent increase this year to 3,154 cars. The Asia Pacific region has also seen growth – 17 per cent up on last year and in Europe, Bentley sales have grown 18 per cent to 2,133 cars sold so far this year.
The best-selling Bentley remains the Bentayga SUV, growing its share of total sales by one per cent to 41. Hallmark also says the Bentyaga could become even more popular. “The launch of the new Bentayga Extended Wheelbase model is expected to further boost sales of Bentley’s luxury SUV.” As for the rest of the range, the Flying Spur retains its 27 per cent share of sales and the Continental GT takes in 32 per cent.
Along with the Bentayga EWB, Bentley’s SUV has also gained Azure and S versions of its Hybrid model, plus a limited Odyssean Edition in recent months. The Flying Spur range has also been updated with a new Speed model and a driver-focused S version.
Bentley says the new figures will help support its strategy to become a pure-electric brand. This includes a £2.5m investment at its Pyms Lane factory in Crewe.