All Bentley had to do to take its financial might to the next level was to really lean into its luxury status.
The storied British marque decided to double down on its customization options a few years back and so far the strategy has proven to be a winning one, according to Bloomberg. In fact, the automaker is now struggling to keep up with demand for premium options and other select add-ons.
The current demand for personalization is unlike anything Bentley has seen during its 105-year history. Unsurprisingly, if someone is willing to spend more than $200,000 on a vehicle, they want as much say as possible the color of the exterior finish, the polished wood trim that runs through the cabin, and the leather that covers the cushy seats. Because of this, Bentley’s customers are spending €39,000 (or roughly $42,000) on options, according to the company’s most recent earnings call. And 70 percent of buyers are also taking advantage of the services provided by the marque’s customization division, Mulliner.
“Customers wanted it, we’ve industrialized it, and it’s just exponentially taking off,” CEO Adrian Hallmark told reporters during the call.
The benefit of the strategy can be seen in the automaker’s financial results. Hallmark reported that Bentley posted €589 million ($640 million) in revenue and an operating profit of just shy of €3 billion ($3.26 billion) in 2023, making it the second-best year in the brand’s history. Unfortunately, it’s best came in 2022, meaning those numbers dipped year-over-year. A poor start to 2023 in China, the company’s number two market, and rising interest rates were blamed for the relative downturn. Regardless, the company’s revenue and operating profit are much higher than they were before the pandemic.
Bentley, like the rest of the auto industry, is tapping the brakes on its plans for EVs despite this strong performance. The company announced that it will push back the debut of its first all-electric model from next year to late 2026, In the meantime, it will bulk up its plug-in hybrid offerings, with four electrified models across the Continental GT and Flying Spur ranges scheduled to debut this year. Additionally, the marque remains committed to its pledge of going all-electric, but has pushed back the target date from 2030 to 2033.
