Earlier this year Bentley announced that it would not be producing more sports cars. In the same breath, the British luxury automaker reported the serious loss in August, leading us to believe that the company may be in a deeper ditch than we think.
The company’s CEO, Adrian Hallmark spoke to Autoblog, stating that a single year’s loss was not a calamity, that “it is a mistake to suggest that sports cars are the same as GTs,” and that the brand “will continue to design, engineer, and craft” GT cars.
In light of this year’s sales, Bentley sold 6,654 vehicles in the first nine months, highlighting an 11 percent decline in comparison to the 7,498 models that it sold in the first nine months of 2017. Apart from that, investments in new technologies led the company to suffer a $44.7-million year-over-year drop in revenue along with a $156-million overall loss, compared to a $35 million profit over the same period last year.
Piling up as the cause of its red finances was also the nine-month delay in launching the Continental GT, the brand’s second-best seller. Hallmark said the Continental GT “just wasn’t ready for launch. But we’d paid for it – we’d paid all the money out, but not got any money back in.”
Furthermore, Brexit’s dark clouds still hover on top of all the UK’s manufacturers. For Bentley, which sources many components from The Continent, uncertainty around a Brexit deal has weakened the pound sterling against the euro. That makes parts more expensive.
Bentley, however, is back on its road to recovery that is lead by the undisputed Bentayga W12, V8 and Continental GT along with the recently-unveiled GTC. The CEO said Bentley be back in black in Q4 of this year, but 2019 is the real measure. “This year is a conversion year to a better business model,” he said, “and next year you will start to see significant growth and a return to normality in terms of profit.”