Bentley unveiled plans to build a new electric model annually for five years from 2025, after annual profits skyrocketed.

Luxury carmaker Bentley on Tuesday unveiled plans to build a new electric model annually from 2025 for five years after annual profits skyrocketed, as the British company builds on parent Volkswagen’s drive to broaden its electric offering.

Crewe, England-based Bentley posted a profit of 389 million euros ($427.1 million) for 2021, compared to a 20 million euros profit the previous year, after deliveries rose 31% to 14,659 cars due to a strong demand for new hybrid models.

Automakers around the world are doubling their efforts to switch to electric models as calls for more eco-friendly machines grow. Bentley parent Volkswagen – Europe’s largest automaker – is ramping up investments in energy infrastructure to acquire Tesla.

Bentley itself aims to be end-to-end carbon neutral by 2030, having invested €3 billion in its Crewe factory over a 10-year period to support this transition.

“The increasing demand for our hybrid models, supported by (EUR 3 billion) sustainable investment in our factory in Crewe, will ensure that we remain the reference manufacturer in sustainable luxury mobility,” said Jan-Henrik Lafrentz, Member of the Board of Directors for Finance and IT at Bentley.

($1 = 0.9108 euros)

(Reporting by Pushkala Aripaka in Bengaluru; editing by Sherry Jacob-Phillips)

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