VW’s Bentley achieves H1 operating profit boost

Volkswagen Group’s Bentley Motors announced what it called “encouraging financial results” for the first six months of 2022 “despite ongoing global economic uncertainty”.

Referring to “the outlook for the second half of” [2022] remains challenging,” the luxury brand posted an operating profit of 124% year-on-year to EUR 398 million. Operating profit for the full year 2021 was EUR 389 million.

Revenue increased from EUR 1.324 billion in H1 2022 to EUR 1.707 billion, while revenue per car increased from EUR 186,000 to EUR 213,000, largely due to increased personalisation.

Return on sales also hit a record 23.3%, up from 13.4% a year ago.

The Bentayga claimed 40% of total sales, the Flying Spur 27% and the Continental GT Grand Tourer 33%.

Bentley said unit sales are up 33% so far in Europe and 44% in the UK, helped by the introduction of the Continental GT Speed. America remained the strongest market, while volume in China was hit by extended Covid-19 lockdowns. Globally, YTD sales increased 3% to 7,398 units from 7,199.

Adrian Hallmark, Chairman and CEO, said: “Despite ongoing global economic instability, it is promising to see Bentley demonstrating financial consistency. In particular, a significant increase in demand and capitalization of our Mulliner personalization program has led to a record return on sales, and continued global interest in the latest luxury model line has resulted in record high revenues.”

Jan-Henrik Lafrentz, Finance & IT Chief, added: “These results reflect a strong base price position, higher revenues from [options] and favorable exchange rates. At the same time, we continue to maintain our lower cost base, leading to a restructured business model that delivers strong returns on our investments and sales.”

Leave a Comment

Your email address will not be published.