Business
Bentley to cut 275 jobs as profits fall 42% amid global market pressures
Bentley is to cut 275 jobs as the luxury carmaker grapples with a sharp decline in profits and mounting pressure from a weakening global market, underlining the growing strain even at the very top end of the automotive sector.
The Crewe-based manufacturer confirmed that around 6 per cent of its 4,600-strong workforce will be affected as part of what it described as “organisational efficiency measures”, with roles expected to go across management, agency and non-manufacturing functions. The reductions will now enter a consultation process, with the company stressing it will support affected employees throughout.
The announcement came as Bentley revealed a 42 per cent drop in operating profit to £187 million, down from £322 million the previous year and significantly below its £509 million peak in 2023. The downturn reflects a combination of softer global demand, rising cost pressures and geopolitical uncertainty, all of which are increasingly shaping the outlook for premium automotive brands.
Vehicle sales also slipped, with Bentley delivering 10,131 cars last year, a decline of nearly 5 per cent, driven largely by a contraction in key international markets, particularly China. The slowdown in Chinese demand has become a defining challenge for luxury manufacturers, many of whom have relied heavily on the region for growth over the past decade.
Chief executive Frank-Steffen Walliser acknowledged the scale of the challenge, saying the company was being forced to take “difficult decisions to ensure the long-term competitiveness of the business”. While he emphasised that the cuts were not “panic measures”, he conceded that the operating environment remains volatile, with the possibility of further adjustments if conditions deteriorate.
Bentley sought to contextualise the profit decline, arguing that without external pressures, including increased costs linked to its parent company Volkswagen and the impact of US tariffs, financial performance would have been broadly in line with 2024. Nonetheless, the figures highlight how even high-margin luxury brands are not immune to wider economic headwinds.
The restructuring comes at a pivotal moment for the business as it transitions towards electrification. Bentley is nearing completion of a new assembly line at its Crewe headquarters, which will support production of its first fully electric vehicle, scheduled for launch in early 2027. The investment marks a critical step in its long-term strategy, although the pace and direction of that transition are evolving.
In a notable shift, the company has stepped back from its previous ambition to become an all-electric brand within this decade. Instead, it is pursuing a more “balanced portfolio”, extending the lifespan of internal combustion and hybrid models in response to renewed customer demand and a broader slowdown in the uptake of luxury electric vehicles.
This recalibration mirrors a wider trend across the premium automotive sector. Manufacturers including Lamborghini have also delayed or revised EV-only strategies, reflecting both consumer hesitancy and the practical challenges of delivering high-performance electric models at scale.
Beyond product strategy, Bentley is also navigating an increasingly politicised environment around vehicle size and emissions. Walliser defended the company’s larger models, such as the Bentayga SUV, following criticism from London Mayor Sir Sadiq Khan, who has suggested imposing additional taxes on large vehicles, often labelled “Chelsea tractors”, due to perceived safety risks.
Rejecting those claims, Walliser described the debate as politically driven, arguing that all vehicles must meet strict regulatory standards for pedestrian and cyclist safety regardless of size.
Despite the current pressures, Bentley remains committed to its long-term transformation, positioning electrification, product innovation and operational efficiency as key pillars of its future strategy. However, the latest results and job cuts underscore a more immediate reality: even the most prestigious automotive brands are being forced to adapt quickly in an increasingly uncertain global market.
Jamie Young
Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.
When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.
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Business
U POWER LIMITED Achieves Significant Milestone in Revolutionizing Thailand’s Heavy-Duty Truck Battery-Swapping Industry
U POWER Limited will launch its Hong Kong taxi battery-swapping operations in Q2 2026. The project aims to enhance commercial vehicle electrification and improve operational efficiency in high-density urban markets.
Hong Kong Taxi Battery-Swapping Operations Expected to Launch Soon
U POWER Limited, a provider of specialized solutions for next-generation energy networks and intelligent transportation systems, announced that, following its securing an order for 1,000 battery-swapping heavy-duty trucks in Thailand and completing production of the first batch of vehicles, its Hong Kong taxi battery-swapping project is also expected to complete station deployment and commence operations in the second quarter of 2026. This development marks a new stage of full commercial rollout for U POWER LIMITED’s battery-swapping business for commercial vehicles across the Asian market.
Successful Validation of Commercial Use Cases Supports Scaled Growth of the Battery-Swapping Model
As one of the earliest technology companies in the industry to invest in the R&D and commercialization of battery-swapping solutions, U POWER LIMITED began promoting its UOTTA battery-swapping model for commercial vehicles in 2020 and achieved proven success in mainland China. After becoming the world’s first publicly listed battery-swapping technology company in 2023, U POWER accelerated its international expansion strategy, entering into partnerships with several major enterprises, including Thailand’s SUSCO (Susco Public Company Limited) and Whale Logistics Group.
In 2025, the company successfully launched a taxi battery-swapping business in Phuket, Thailand, and introduced its UNEX heavy-duty truck battery-swapping project to the Thai market, becoming the first company in overseas markets to achieve scaled commercial operations of battery swapping for commercial transport vehicles.
Further Advancing Hong Kong Taxi Battery-Swapping Project
U POWER LIMITED began laying out its strategy for the Hong Kong taxi battery-swapping market in 2024. In June 2025, the company completed Hong Kong’s first demonstration battery-swapping station capable of commercial operation. Since then, it has continued discussions with taxi industry partners regarding the broader rollout of battery-swapping taxis.
After identifying a vehicle model suitable for the Hong Kong market in October 2024, the company conducted ongoing road-testing and battery-swapping compatibility validation, while completing the relevant certifications in accordance with the Transport Department’s market access requirements for taxi vehicles. According to the company, this batch of battery-swapping taxis has now met the conditions for on-road operation. In parallel with the construction of battery-swapping stations, U POWER is targeting market launch in the second quarter of 2026.
Focused on Commercial Vehicle Battery Swapping and Optimistic About the Hong Kong Market
Li Jia, Founder and CEO of U POWER LIMITED, said that the company has become an undisputed leader in the ecological development and commercialization of battery-swapping solutions for commercial vehicles in overseas markets outside mainland China.
“Leveraging our AI-driven energy management system and standardized battery-swapping infrastructure, we are building an ecosystem for a wide range of commercial battery-swapping vehicles and advancing the electrification of commercial transportation,” Li said.
Li added that Hong Kong is one of the world’s most representative high-density urban transportation markets, where the taxi sector places a strong premium on operating efficiency. Compared with conventional charging, U POWER’s battery-swapping model is therefore better suited to the Hong Kong market.
Property owners do not need to install more land-intensive charging facilities or invest in costly grid upgrades. For taxi operators and fleet managers, there is no need to worry about battery performance degradation or daily battery maintenance, nor about range limitations affecting driver recruitment. In addition, the battery-swapping model can be integrated with a battery banking system, making day-to-day operating costs more economical.
For these reasons, the company believes battery swapping will gain broader acceptance within Hong Kong’s taxi industry, and it will continue working alongside industry stakeholders to support the electrification transition of Hong Kong taxis.
Source : U POWER LIMITED Makes Major Breakthrough in Thailand’s Heavy-Duty Truck Battery-Swapping Market
The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business News.
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The U.S. housing market accelerated in March despite elevated mortgage rates reducing some of the affordability improvement the market had recently seen, according to a new report.
Zillow released its market report for March which found that newly pending home listings increased 4.6% from a year ago in March.
That increased the number of listings to the second-largest monthly total since the end of the pandemic boom in August 2022, which Zillow said was a positive sign for the market as the home shopping season begins in earnest.
The housing market’s uptick occurred despite mortgage rates increasing from 5.98% at the end of February to 6.38% in late March, according to data from Freddie Mac. Excluding taxes and insurance, the typical mortgage payment increased 1.5% from February, which undercut some of the affordability improvements the market had seen.
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The housing market is showing signs it’s picking up despite mortgage rates rising higher again. (Daniel Acker/Bloomberg via Getty Images)
Zillow found that the monthly mortgage payment on a typical U.S. home was $1,789 in March, given a 20% down payment, after excluding taxes and insurance. While that figure rose on a monthly basis, it was 4.4% lower than last year, according to the report.
There were 1.23 million homes listed for sale in March. Inventory rose 9.5% from February and active inventory was 4.2% higher than it was a year earlier.
The number of new for sale listings totaled 384,854 in March, an increase of 0.1% from a year ago and 35.6% in February.
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Newly pending listings – a figure that measures listings which changed from for sale to pending status rather than closed sales – shows 4.6% growth from a year earlier, and a 29.8% increase over February.
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The number of homes sold in March was up on both an annual and monthly basis. (David Paul Morris/Bloomberg via Getty Images)
“Buyers and sellers have been navigating uncertainty and market volatility in some form since the onset of the pandemic, and this month’s concern over energy prices is no different,” said Mischa Fisher, chief economist at Zillow. “However, we have persistent signals that the market has turned a corner.”
“Pent-up demand from three years of low sales volume and winter storms in January and February, along with the tailwind from lower mortgage rates earlier in the year, seem to have buoyed the market as home shopping season kicked off. In particular, the rapid acceleration of daily page views per listing we saw in March was a noteworthy improvement over the dormant market of recent years,” Fischer added.
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