Bentley Motors has announced a decrease in profit and revenue, with its CEO attributing the decline to reduced demand in China.
The luxury car manufacturer, a subsidiary of Volkswagen, reported an annual operating profit of €373m (£314m) and revenue of €2.6bn (£2.2bn), as reported by .
Although this profit is the sixth highest in Bentley's history, it represents a drop of over a third from the €589m recorded last year.
CEO Dr Frank-Steffen Walliser informed journalists that the downturn was due to diminished demand in China, where high-end brands have been hit by lower consumer confidence.
Customisation continued to bolster earnings, with unprecedented demand for bespoke models resulting in Bentley's highest-ever revenue per car, up 10 per cent year-on-year.
"Despite global challenges in 2024 and the run out and replacement of three of our four model lines, financial resilience measures introduced towards the end of the last decade ensured a sixth year of consistent profitability," Walliser stated.
"Looking forward to 2025, of course we continue to navigate difficult global market conditions and maintained volatile political and economic environments, however our strength of sales is strong."
Bentley is in the initial stages of transitioning to an electric fleet and aims to persuade investors that there is consumer demand for a non-traditional version of its luxury models. The company plans to launch its first BEV in 2027.
On Wednesday, the company announced that it was preparing its new assembly line, situated in the oldest building at its Pyms Lane facility in Crewe, Cheshire.
