They literally can't buy Bentleys fast enough.
Last year was tough for many people, but the global pandemic clearly impacted individuals differently depending on their wealth bracket. Ultra-luxury automakers like Bentley posted their best sales years ever in 2020, and is off to an even stronger start through the first half of 2021. Bentley just posted its half-year performance figures, and the numbers are at an all-time high for the 102-year-old company. Through the first six months alone, Bentley's operating profit was €178 million (approximately $211.5 million), more than any previous full-year period. The company's revenue was €1.32 billion ($1.56 billion), up from €834.8 million ($991.9 million) in 2019.
Sales rose by 50% compared to pre-pandemic numbers in 2019, from 4,785 to 7,199 vehicles, distributed evenly between key markets. As a reminder, Bentley delivered 11,206 vehicles in 2020, so it's on track to improve that result by nearly 30%. So many wealthy customers are so anxious to buy a Bentley, they are turning to pre-owned inventory because ordering a new one will take too long.
"These results are an important milestone on our mission Beyond100, namely to become the leading sustainable luxury mobility company by 2030. They are the outcome of favorable market conditions, combined with three years of hard work within Bentley, where we have reinvented our products, restructured our operations, managed three crises, and defined our 2030 strategy," said Adrian Hallmark, Bentley Chairman, and CEO.
The 2022 Bentley Bentayga remains the best-seller with 2,767 units, though the other models aren't far behind. The Continental GT moved 2,318 units, and 2,063 people took home a Flying Spur. Additionally, this year marks Bentley's biggest year ever for new vehicles launches, with nine product debuts, including two hybrids. Bentley has introduced new variants such as the Bentayga S, the Flying Spur Hybrid, and the Continental GT Speed. Bentley predicts the Continental will reach record numbers three years after its introduction with the GT Speed arriving this year.
Though the future looks bright for Bentley as it transitions to a more sustainable, electric timeline, the company won't coast on its recent success. "While we celebrate these results, we are not taking the full-year outlook for granted as we know there are still sizable risks to the year-end, notably the increasing number of colleagues having Covid enforced self-isolation periods," says Hallmark.
"That notwithstanding, our financial strength is a positive sign and as we continue on our biggest transformation and investment program in history, Beyond100, fully electrifying our entire model range within a decade, we continue on track with our aim to become the world's benchmark luxury car business, financially resilient and recession-proof."