Bentley Continental GTC Speed within the Kingfisher.
Adam Jeffery | CNBC
Bentley Motors is pausing its plans to offer only fully electric vehicles by the tip of this decade due to changing market conditions and delays in bringing its first electric vehicle to market.
CEO Adrian Hallmark said the famous British luxury carmaker is still committed to carbon neutrality and offers only electric vehicles, but now plans to achieve this a couple of years later. Hallmark said Bentley will proceed to offer plug-in hybrids alongside BEVs, or battery electric vehicles, exceeding its previous 2030 goal.
“Regardless of whether we deliver all BEVs by 2031 or not, we may still have some hybrids that we wouldn’t have after 2030.” – he said during a press conference. “But not for 10 years, maybe just for a few years when they are gone.”
Bentley is amongst a growing variety of automakers changing, delaying or canceling ambitious electric vehicle plans as global vehicle use grows slower than many expected.
Bentley’s first electric vehicle was expected to be launched next yr, followed by one recent all-electric model annually thereafter as a part of a $3.4 billion investment plan through 2030. The company now expects the primary Bentley’s electric vehicle can be launched in 2026, which also delays the launch of additional vehicles.
Bentley CEO Adrian Hallmark.
Scott Mill | CNBC
According to Hallmark, the delay in developing Bentley’s first all-electric vehicle was due to software issues and difficulty adapting the vehicle’s architecture to Bentley standards. He said these challenges were the major factor delaying electric vehicle plans, quite than changing market conditions.
Hallmark said Bentley will increase its investment in plug-in hybrids by a whole lot of tens of millions of dollars in the approaching years. He said that given the rise in investment, the corporate needs to “run a little longer” to achieve the specified return on investment.
Bentley currently offers plug-in hybrid versions of its $203,200 Bentayga SUV and $221,200 Flying Spur sedan. Both cover engines, electric vehicle components and electric range.
Bentley still plans to end production of traditional combustion engines, including its famous V-12 engines next month and non-hybrid V-8 engines in July or August.
A employee inspects a Bentayga SUV on Bentley’s production line at its factory in Crewe, England, December 7, 2022.
Phil Noble | Reuters
Along with the announcement, there was an update to Bentley’s plans for electric vehicles Volkswagenfinancial results of the proprietary company for 2023.
These results include deliveries of 13,560 vehicles worldwide, down 11% from a record of virtually 15,200 vehicles in 2022. Revenue was $3.21 billion, down 13% from the prior yr, with operating profit of $644.7 million, a decline of 17%.
Hallmark called 2023 an important yr for the corporate, but additionally “a year of massive performance swings across the luxury market” that impacted the business. He cited challenges including changing sales dynamics in China, in addition to macroeconomic concerns and better rates of interest for the 30% of buyers who lease their vehicles.
Bentley’s 2023 performance significantly outperformed 2021, when more vehicles were sold but at a lower profit. Hallmark said the rise in revenue and profits compared to two years ago is a direct result of consumers selecting to add more personalization and add-ons to their vehicles.
