It's mostly thanks to the Bentayga SUV.
Bentley Motors recently announced record operating profits for the first nine months of 2022, despite continuing challenges and uncertainty in the global economy.
The British company's profits more than doubled to €575 million. At the current exchange rate, one Euro is worth 99 cents in US dollars, so the figures you'll read here are all roughly the same in American dollars. Bentley's increase in percentage terms is 109% compared to the same nine-month period last year. Bentley only sold 3% more cars, but the Mulliner department made these vehicles a lot more profitable.
The previous record for a full year of sales was €389 million, so even if Bentley doesn't sell a single car between now and 31 December 2022, the record still stands.
Revenue increased from €1.949 billion in 2021 to €2.490 billion this year, a 28% growth rate. Bentley's latest sales figures do have an unfortunate side effect, however. The European Union recently confirmed the banning of ICE cars from 2035, but niche manufacturers have been given more breathing room.
As long as a low-volume luxury, supercar, or hypercar manufacturer produces less than 10,000 cars per year in Europe, they were exempt from stricter legislation leading up to the 2035 ban. Bentley likely planned for this, which is why 50% of its range is already electrified.
As you'd expect, the Bentayga SUV was the best-selling model. It claimed a 41% share of all sales, followed by the Flying Spur sedan at 27%. The Continental GT and GTC together accounted for 32%.
Bentley will make even more money out of the Bentayga in the coming months, as 40% of Bentayga orders are for the all-new long-wheelbase EWB model.
The Americas is still the most critical market for Bentley. It sold 3,154 cars in this region and 2,133 cars in Europe. Of those, the UK bought 1,126 vehicles.
"While Bentley continues to tackle the challenges it faces in the global market, this latest set of financial figures shows strong results in most regions," said Adrian Hallmark, Chairman and CEO of Bentley Motors. "The continued growth in revenue per car supports the options and limited-edition models created by Bentley's in-house coachbuilder Mulliner and the positive customer reception to our increasing range of model derivatives."