Luxury carmaker Bentley to slash over 270 jobs
What's the story
Luxury carmaker Bentley Motors has announced plans to cut up to 275 jobs. The decision comes despite the company's seventh consecutive year of profitability. The cuts are part of "overall efficiency activities" as Bentley continues to invest in its Pyms Lane site for new electric models. Affected employees include management, agency, and non-manufacturing staff.
CEO statement
Tough decisions for long-term business competitiveness
CEO and Chairman Dr. Frank-Steffen Walliser said, "We are investing at unprecedented levels in the Pyms Lane site." He highlighted recent developments such as the opening of a Design Center last July, nearly completed A1 building for battery electric vehicle (BEV) production, and an upcoming new Paint Shop. Despite these investments, he admitted to making some tough decisions for long-term business competitiveness.
Support assurance
Commitment to support affected individuals
Dr. Walliser assured that Bentley is committed to supporting each affected individual with care, guidance, and assistance during this transition. The company has plans for several electric models by 2030 and had announced a £2.5 billion investment at its Crewe plant back in 2022 as part of its electrification strategy.
Financial results
Job cuts amid record profits
Despite the impending job cuts, Bentley reported an operating profit of £186 million and revenue of £2.25 billion for the previous year. However, customer deliveries fell by 5% during this period due to a continued market contraction, especially in China. The company is also dealing with US tariffs that cost it around €42 million ($48 million) last year.