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Luxurious vehicles ‘not immune’ as Bentley sees gross sales fall in 2023

Purchases of recent Bentley vehicles have fallen sharply due to the state of the worldwide financial system, in response to the corporate that assembles the posh autos in Cheshire.

Bentley Motor Vehicles, a division of Volkswagen, the German group, stated it had offered 13,560 autos in 2023, 1,600 fewer than within the earlier 12 months, a fall of 11 per cent.

Its worst performances have been in its dwelling British market, which has been a mainstay of Bentley gross sales, and in China and Hong Kong, which have lengthy been a money cow area for luxurious motor marques. Annual gross sales declined by 18 per cent in each markets.

The efficiency of Bentley is in stark distinction with that of Rolls-Royce, the equal luxurious division of BMW that’s primarily based in West Sussex, which achieved file gross sales of 6,032 vehicles in 2023.

It has been argued by the highest finish of the motor market that luxurious vehicles are immune from financial downturn as patrons are typically so rich that they purchase vehicles so as to add to their collections and barely ask to know what value they’re paying. Bentley now admits that this isn’t the case.

“The posh market was not immune from the difficult market circumstances seen world wide within the second half of 2023,” Adrian Hallmark, 61, Bentley’s chairman and chief government, stated.

It was not revealed what the gross sales decline had executed to Bentley’s backside line. Lately, when Bentley was reporting file gross sales and earnings, Volkswagen reported Bentley’s earnings individually. That has stopped, however what has been reported is that Bentley is the one model in gross sales decline out of the entire VW secure, which additionally consists of Lamborghini, Porsche, Audi, Seat and Skoda

Hallmark indicated that Bentley’s margins remained sturdy as prospects demanded customisation and derivatives of fashions, together with hybrids. Nevertheless, the corporate can also be going by means of an costly £2.5 billion transition to be an all-electric marque by 2030. It’s but to supply its first all-electric car. Rolls-Royce started supply of its first, the Spectre, in latest months.

Bentley stated that just about half its complete gross sales have been of the Bentayga, the £170,000 4×4 car that was launched 9 years in the past.