Bentley announced plans on Tuesday to produce a new electric vehicle every year for the next five years, starting in 2025, as its yearly profit soared, building on parent Volkswagen’s (VOWG p.DE) push to broaden electric offerings.
Crewe is a town in England. Bentley made a profit of 389 million euros ($427.1 million) in 2021, up from 20 million euros the previous year, as deliveries increased by 31% to 14,659 cars, thanks to high demand for new hybrid models.
Automobile manufacturers around the world are stepping up their efforts to transition to electric vehicles as demand for more environmentally friendly vehicles grows. To compete with Tesla, Bentley’s parent company, Volkswagen, Europe’s largest carmaker, is increasing its investments in power infrastructure.
Bentley aims to be carbon-neutral from start to finish by 2030, having invested 3 billion euros in its Crewe facility over a ten-year period to help with the changeover.
“Increasing demand for our hybridised models, backed by (3 billion euros) of sustainable investment in our Crewe production, will ensure we remain the benchmark manufacturer in sustainable luxury mobility,” said Jan-Henrik Lafrentz, Bentley’s Finance and IT member of the board.