Bentley Motors, a luxury car manufacturer in Britain, is reversing its plans to offer an all-electric auto by 2030, citing other major car manufacturers, according to CNBC.
Following the company’s fourth-quarter results, CEO Adrian Hallmark stated in a press briefing that Bentley had initially planned to switch all of its car sales to EVs by 2030. However, the company announced that it would be looking to wait that change by a few years and continue to offer hybrids through that day.
General Motors, Ford, Mercedes- Benz, and Honda have all , backed , off of formerly made EV objectives in the past year as reduced demand and higher costs have stifled the stock’s success compared to traditional vehicles.
” Whether we deliver all the]battery electric vehicles ] by 2031 or not, we still may have some hybrids that we would n’t have had post- 2030″, Hallmark said during a media briefing, according to CNBC. ” But not for 10 years, maybe just for a couple of years as we run them out”.
The company sold 13, 560 cars in 2023, generating nearly 3 billion euros in revenue and 589 million euros in profit, a 43 % gain year- over- year,  , according , to Bentley’s fourth- quarter earnings. The company’s second-best financial performance has ever been demonstrated by the increase in earnings.
Bentley had intended to release its first electric vehicle next year, followed by a new model every year thereafter, spending a total of$ 3.4 billion in their development by 2030, according to CNBC. The first EV model launch was pushed back to 2026 due to trouble in the vehicle’s development, but other EV goals were pushed back due to unfavorable market conditions.
Demand for EVs in the U. S.  , struggled , in 2023, with the number of consumers buying the vehicles rising only slightly despite around a doubling of EV inventory as supply outpaces demand.
In the earnings report, Hallmark stated that” we will adapt our business model to ensure we remain in a balanced position, ready to adjust to increases or decreases in demand.”” With uncertain market conditions continuing in the year,” We’ll put more emphasis on value over volume, and we’re looking forward to our biggest product launches in the second half of 2024.
The Daily Caller News Foundation was the source of this original publication.
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