5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Investing

Luxury cars ‘not immune’ as Bentley sees sales fall in 2023

by
January 19, 2024
in Investing
0
Luxury cars ‘not immune’ as Bentley sees sales fall in 2023

<?xml encoding=”utf-8″ ?????????>

Purchases of new Bentley cars have fallen sharply because of the state of the global economy, according to the company that assembles the luxury vehicles in Cheshire.

Bentley Motor Cars, a division of Volkswagen, the German group, said it had sold 13,560 vehicles in 2023, 1,600 fewer than in the previous year, a fall of 11 per cent.

Its worst performances were in its home British market, which has been a mainstay of Bentley sales, and in China and Hong Kong, which have long been a cash cow region for luxury motor marques. Annual sales declined by 18 per cent in both markets.

The performance of Bentley is in stark contrast with that of Rolls-Royce, the equivalent luxury division of BMW that is based in West Sussex, which achieved record sales of 6,032 cars in 2023.

It has been argued by the top end of the motor market that luxury cars are immune from economic downturn as buyers tend to be so wealthy that they buy cars to add to their collections and rarely ask to know what price they are paying. Bentley now admits that this is not the case.

“The luxury market was not immune from the challenging market conditions seen around the world in the second half of 2023,” Adrian Hallmark, 61, Bentley’s chairman and chief executive, said.

It was not revealed what the sales decline had done to Bentley’s bottom line. In recent years, when Bentley was reporting record sales and profits, Volkswagen reported Bentley’s earnings separately. That has stopped, but what has been reported is that Bentley is the only brand in sales decline out of the whole VW stable, which also includes Lamborghini, Porsche, Audi, Seat and Skoda

Hallmark indicated that Bentley’s margins remained strong as customers demanded customisation and derivatives of models, including hybrids. However, the company is also going through an expensive £2.5 billion transition to be an all-electric marque by 2030. It is yet to produce its first all-electric vehicle. Rolls-Royce began delivery of its first, the Spectre, in recent months.

Bentley said that nearly half its total sales were of the Bentayga, the £170,000 4×4 vehicle that was launched nine years ago.

Previous Post

Google to build new $1bn data centre in Waltham Cross

Next Post

HMRC slammed in Parliament for Loan Charge and its “frightening” parallels with Horizon scandal

Next Post
HMRC slammed in Parliament for Loan Charge and its “frightening” parallels with Horizon scandal

HMRC slammed in Parliament for Loan Charge and its “frightening” parallels with Horizon scandal

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    Manufacturing PMI expands in June

    Manufacturing PMI expands in June

    July 1, 2025
    Infrastructure spending declines by 28% in April

    Infrastructure spending declines by 28% in April

    July 1, 2025
    More domestic borrowings eyed to fund wider deficit

    More domestic borrowings eyed to fund wider deficit

    July 1, 2025
    Marcos directs SEC to reduce transaction costs

    Marcos directs SEC to reduce transaction costs

    July 1, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.