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Bentley Sales Surpass Records in 2022 Despite China's Fall

Aria Thomas

Jan 10, 2023 10:45

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Bentley, a British manufacturer of luxury automobiles, reported record sales for 2022 on Tuesday, with healthy demand offsetting a 9% drop in China due to coronavirus-related lockdowns.


The Volkswagen (ETR:VOWG p) company reported selling 15,174 vehicles in 2022, a 4% rise over 2021, which was Bentley's golden year.


Bentley's chief executive officer, Adrian Hallmark, said in a statement, "In another year of unpredictability, the company overcome significant obstacles and displayed remarkable tenacity to accomplish its third consecutive record sales year."


Except for China, every regional market saw a growth in revenue for the company. However, sales in the Americas, Bentley's largest market, grew by less than one percent.


Bentayga, a luxury SUV with an approximate starting price of 150,000 pounds ($180,000), remained Bentley's best-selling model in 2022, accounting for 42% of all vehicles sold.


Bentley has increasingly emphasized customization, using hand-stitched leather, finishes ranging from walnut to koa wood, and even 5,000-year-old wood extracted from England's low-lying wetland Fens. This boosted the average pre-tax price of a Bentley automobile by around 30% between 2018 and 2022, from 170,000 euros to 220,000 euros ($236,500).


Since Chinese shutdowns have affected demand, the company stated last month that it expected a slight decline in output in 2023.


Bentley has committed to go all electric by 2030.


Despite a downturn in Chinese demand, BMW subsidiary Rolls-Royce (OTC:RYCEY) reported record sales for 2022 with an average price of around $534,000 for its luxury autos. ($1 = 0.9302 euros)


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