Bentley enjoys ‘best-ever first quarter’ with €170-M operating profit

Bentley Motors has shared its first-quarter financial results and has called the first three months of this year the “best-ever first quarter.” The British luxury carmaker reported a 162 percent increase in its operating profit which amounts to about €170 million.

During the first quarter of 2022, Bentley said that revenue per car increased from €184,000 to €212,000, with significant interest in Mulliner and Speed derivatives, particularly in Europe where total sales rose by 38 percent. Elsewhere, Continental GT sales increased 10 percent.

“Despite a challenging global environment, we started 2022 where we left off in 2021, with another solid set of financial figures. This has been driven by strong revenue growth, thanks to our fresh and exciting new model portfolio, a significant increase in demand for Bentley’s personalization program, and strong growth in sales of our new hybridized products. The combined effect of this revenue together with a restructured business model has enabled us to deliver industry competitive returns on sales and investment,” said Bentley Motors Chairman and CEO Adrian Hallmark.

Among Bentley’s markets, the strongest was the US which contributed 26 percent to the marque’s overall Q1 sales. This is followed by the Chinese market including the Chinese mainland, Hongkong, and Macau, which adds about 24 percent of the company’s total sales in this year’s first quarter.

The European market contributed about 22 percent while the APAC region added 12 percent to the Crewe-based carmaker’s Q1 sales. Meanwhile, the UK and the Middle Eastern markets made up Bentley’s remaining 11 and five percent sales respectively.

“Although the continued global economic uncertainties have slightly impacted our sales performance in the first quarter, the growth in revenue, profit, and maintained lower cost base is a clear indication that we are building a resilient business. This is a stable platform to help withstand external challenges and forms a basis to achieve our Beyond100 ambitions and lead sustainable luxury mobility in the future,” said Bentley Motors Finance & IT Board Member Jan-Henrik Lafrentz.

Photos from Bentley

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