Bentley Motors has reported a drop in profit and revenue as its boss flagged weaker demand in China.
The luxury carmaker, which is owned by Volkswagen, posted an annual operating profit of €373m (£314m) and revenue of €2.6bn (2.2bn).
While the profit haul marked the sixth highest in Bentley’s history, it was down more than a third from the €589m the company posted last year.
Chief executive Dr Frank-Steffen Walliser told reporters the decline was down to weaker demand in China, where premium brands have struggled amid lower consumer confidence.
Personalisation continued to prop up earnings, with record levels of demand for bespoke models resuliting in Bentley’s highest-ever revenue per car, up 10 per cent year-on-year.
“Despite global challenges in 2024 and the run out and replacement of three of our four model lines, financial resilience measures introduced towards the end of the last decade ensured a sixth year of consistent profitability,” Walliser said.
“Looking forward to 2025, of course we continue to navigate difficult global market conditions and maintained volatile political and economic environments, however our strength of sales is strong.”
Bentley is in the early stages of transitioning to an electric fleet and is looking to convince investors that consumer demand for an atypical version of its luxury models is there. It hopes to bring its first BEV to market in 2027.
The firm on Wednesday said it was laying the ground in its new assembly line, located in the oldest building at its Pyms Lane facility in Crewe, Cheshire.