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Bentley reports record car sales for fiscal year 2022

Yahoo Finance automotive correspondent Pras Subramanian breaks down Bentley's record financial report for 2022 following a successful restructuring push.

Video transcript

- Bentley having its best financial results here. Best year for fiscal year 2022. The luxury car company saw an 82% rise in profit from a 4% increase in volume. They sold a record number of cars, just over 15,000. Yahoo Finance's Senior Autos Reporter Pras Subramanian is here. And Pras, when you take out the greater aspect, the macro environment right now, you think people might be pulling back on their purchases of Bentley. But it doesn't seem to be the case this time around.

PRAS SUBRAMANIAN: No. I mean, you mentioned it. I mean, huge operating profit numbers there. Revenue up 20%. Just a big blowout year for them. Just also the fact that you mentioned macro headwinds hitting them too. So I spoke to CEO Adrian Hallmark about that. He said that we had a blowout year, but there was a number of challenges. For instance, they had four separate production issues that they're able to work around to actually get that highest volume ever that year. Only 4% higher, but then they had 80% more profits. So this is a big year for them.

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And really what drove that is the high-end luxury consumer. Talking about how these consumers were-- didn't really in the face of macro headwinds they were still wanting to buy these cars. Still [? spec ?] these cars with higher options. For instance, they're talking about options like diamond cross stitching that they expected a 25% take rate. Over 90% of people wanted that, right?

Also they have a rotating sort of bezel and the gauge cluster that goes from digital to analog to wood. A very expensive feature. Again 20% take rate they thought, 80%, 90% actually wanted it. So people were actually wanting to get these, spend more on these higher priced cars and that really boosted their bottom line.