Bentley’s 2024 Profit Drops 37% Amid Luxury Market Challenges

Bentley reported its lowest annual revenue since 2020, with a 37% drop in operating profit to €373 million ($407 million) in 2024, down from €589 million the previous year. Revenue declined 10% to €2.648 billion as the luxury automaker navigated a tough global market.

Despite the decline, Bentley is prioritizing "value over volume," according to CEO Frank-Steffen Walliser, with revenue per car rising 10% year-over-year. The company has stopped publicly disclosing sales figures but emphasized growing demand for bespoke features, boosting vehicle prices and profit margins.

One such example is a limited-edition vehicle featuring up to 210 grams of 18-karat rose gold at key touchpoints, reflecting the brand’s push toward high-end customization. However, Walliser acknowledged that the luxury market in China remains "quite challenging," affecting sales.

Chief Financial Officer Jan-Henrik Lafrentz addressed potential U.S. tariffs of 25% under a possible Trump administration, stating that Bentley would pass the cost directly to customers. So far, stock market volatility and recession fears have not impacted the automaker’s order book.

Looking ahead, Bentley remains committed to electrification, launching its first electric vehicle in 2026. The brand plans to introduce a new electric or hybrid model annually over the next decade, transitioning to an all-electric lineup by 2035.