British luxury carmaker Bentley Motors is pushing back its plans to have an all-electric vehicle offering by 2030, following other top vehicle manufacturers, according to CNBC.
Bentley had originally planned to transition all of its vehicle sales to EVs by 2030 but announced that it would be looking to delay that change by a couple of years, continuing to offer hybrids through that time, CEO Adrian Hallmark said in a media briefing following the company’s fourth-quarter results, according to CNBC.
General Motors, Ford, Mercedes-Benz, and Honda have all backed off of previously made EV goals in the past year as low demand and high costs have stifled the commodity’s profitability compared to traditional vehicles.
“Whether we deliver all the [battery electric vehicles] by 2031 or not, we still may have some hybrids that we wouldn’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 hike in earnings represents the second-best financial performance for the company on record.
Bentley had originally planned to have its first EV released next year, followed by a new one released every year after that, investing 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.
“With uncertain market conditions set to continue during the year ahead, we will adapt our business model to ensure we remain in a balanced position, ready to adjust to increases or decreases in demand,” Hallmark said in the earnings report. “Our focus on value over volume will be further strengthened and we look forward to our major product launch events in the second half of 2024.”
Originally published by the Daily Caller News Foundation
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