Bentley is cruising on a wave of lavish customization, nearly reaching its highest annual profit ever. However, the road to full electrification has encountered a detour.
The key takeaway? Customers are going wild for personalized features. A whopping 70% of Bentley buyers in 2023 opted for bespoke touches exceeding €40,000, with some doubling the base price with extravagant add-ons. CEO Adrian Hallmark is floored by the "jaw-dropping" levels of customization, which even include one customer using wood from their own forest and another adding €400,000 worth of carbon fiber!
This surge in bespoke demand helped offset a dip in sales from China, pushing Bentley's 2023 profits to a near-record €589 million (down from €708 million in 2022). Interestingly, Bentley's record-breaking 2022 profits stemmed from high production levels and a delayed electrification program due to booming demand for hybrids.
Here's where the electric road gets bumpy: Bentley, owned by Volkswagen, originally planned to be entirely electric by 2030. However, delays in software development for their first electric vehicle (EV) coupled with continued strong hybrid sales have led them to postpone this goal.
While Bentley emphasizes that electric vehicles are ultimately the future, CEO Hallmark acknowledges that changing regulations and a global rise in hybrid acceptance are influencing their pace.
So, the future of Bentley looks dazzlingly customized, but with a slower shift towards electric power. Buckle up for a luxurious ride, but expect a slight delay on the all-electric journey.
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