The Iran Project
: British luxury carmaker Bentley on Tuesday reported a lower operating profit for 2023 after a weak economy and high interest rates hit sales, but the company said its performance had stabilised and new launches would boost it in 2024.
Tuesday 19 March 2024 - 14:24
Story Code : 417976
Source : Reuters
Bentley looks to launches after 'emotional sensitivity' slowed car sales
For those who leased rather than bought cars with a starting pre-tax price above 220,000 euros ($238,590), interest rates had led to a tripling in monthly fees last year, Hallmark said.
He said the launch of four high-performance hybrids this year should spur sales as the company gears up to launch its first fully electric Bentley in 2026.
Bentley is aiming for an all-electric model lineup by 2030, but Hallmark said its hybrids were likely to be on sale after that deadline as the company seeks to ensure a return on its substantial investment.
The luxury automaker in January reported an 11% drop in sales for 2023 following a record year in 2022.
The British luxury unit of Volkswagen (VOWG_p.DE), opens new tab posted an operating profit of 589 million pounds ($748 million) for 2023, down nearly 17% from 708 million pounds in 2022.
Revenue was down 13% at 2.94 billion pounds from a year earlier and the company said its profit margin dropped to 20.1% from 20.9% in 2022 because of investments in new vehicles.
Reporter : Editorial of The Iran Project
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