A few days ago, the Bentley brand released the performance of the first quarter of 2022, although there are still adverse factors such as repeated epidemics and chip supply cuts around the world, the luxury brand car market is still in a stage of rapid development, and Bentley's revenue and profit have achieved high year-on-year growth.
In the first quarter of 2022, Bentley's operating income reached 813 million euros, an increase of 41% year-on-year, and operating profit reached 170 million euros, up 162% year-on-year. The return on sales reached 21%. In addition, brand sales declined in January and March, in which case revenue and profit still grew against the trend, showing a strong brand upward ability in a difficult environment.
In terms of sub-markets, the European market led with positive year-on-year growth of 38%, with sales of 706 vehicles in the first quarter, in addition to the Asia-Pacific and British markets also achieved double-digit growth of 19% and 30% year-on-year, respectively. The Americas market, despite a 9% year-on-year decline, still ranked first in the region with 832 vehicles, while the Chinese market fell 29% year-on-year, followed by 761 vehicles. The Middle East market has the lowest sales volume, with 167 new cars sold in the first quarter, down 38% year-on-year, and the deepest decline among several major markets.
Overall, Bentley sold 3,203 new cars worldwide in the first quarter, down 5% year-on-year. The Americas, China and Europe are the top three markets with better sales performance.
Eden Hawmark, Chairman and CHIEF Executive Officer of Bentley Brands, said that the overall renewal and attractive product lineup, the significantly increased demand for Bentley's personalisation services and the rapid growth in sales of new plug-in hybrid models were the main reasons for the Bentley brand's good performance in the first quarter.
Bentley previously launched its "Beyond100" strategy, which aims to achieve a comprehensive carbon neutrality target by 2030. In addition to reshaping the product matrix, Bentley's headquarters plant in Crewe, UK, has launched a 10-year, €3 billion project to launch a new all-electric model every year from 2025 until the brand is fully electrified by 2030.