Bentley plans to offer only plug-in hybrid and electric cars by 2026 and switch its entire line-up to fully battery-powered vehicles by the end of the decade. Photo: Bentley
Bentley plans to offer only plug-in hybrid and electric cars by 2026 and switch its entire line-up to fully battery-powered vehicles by the end of the decade. Photo: Bentley
Bentley plans to offer only plug-in hybrid and electric cars by 2026 and switch its entire line-up to fully battery-powered vehicles by the end of the decade. Photo: Bentley
Bentley plans to offer only plug-in hybrid and electric cars by 2026 and switch its entire line-up to fully battery-powered vehicles by the end of the decade. Photo: Bentley

Bentley's electric car switch gets a jump with engineering recruitment drive


Simon Rushton
  • English
  • Arabic

Luxury car maker Bentley is hiring engineers as part of its strategy to design and develop electric vehicles.

The 100 engineers will work across the company to support Bentley’s Five-in-Five drive to launch the cars from 2025.

German-owned Bentley wants its first all-electric vehicle to be ready by then, and has also unveiled major investments to realise its ambition to become a fully carbon-zero company — all while planning to maintain its reputation for luxury.

“Bentley is in the middle of the most significant transformative phase in the company’s long and illustrious history,” said board member Matthias Rabe.

“Extraordinary products have always been at the heart of our business. However, tomorrow’s engineers face the most exciting challenges in a generation as we become an exclusively electric car business.

Bentley wants to reach its target for full electrification of its product range within eight years.
Bentley wants to reach its target for full electrification of its product range within eight years.

“We are looking for true innovators, who can create the new future of automotive.”

The vacancies are across engineering, research and development, user experience and design. About half of them are electrical skills so Bentley can reach its goal of full electrification of its product range within eight years.

They will be based at the company’s headquarters in Crewe, near Manchester, England, where about 4,000 people work.

Parent group Volkswagen — whose 12 brands also include Audi, Porsche and Skoda — is pumping €35 billion ($36.81bn) into the shift to electric vehicles and aims to become the world's largest electric carmaker by 2025.

British car production is undergoing a period of restructuring. Overall output fell about 7 per cent to fewer than 860,000 cars last year. This was the smallest number in more than six decades and about a third below pre-pandemic levels.

The Society of Motor Manufacturers and Traders expects a rebound to more than a million units this year as the components bottleneck eases and car makers from Stellantis to Nissan start retooling their UK factories to make them fit for electrification.

Bentley plans to offer only plug-in hybrid and electric cars by 2026 and switch its entire line-up to fully battery-powered vehicles by the end of the decade. Luxury-car brands like Bentley, Ferrari and Aston Martin face a delicate task in preserving brand identity during the costly shift to batteries.

Although also built around superior engine performance, Bentley’s push to electrify is getting help from Volkswagen’s vast technology investments, which seek to challenge Tesla as the dominant electric vehicle maker.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Sector: Additive manufacturing, 3D printing technologies

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Updated: April 28, 2022, 4:01 PM