It seems that Ford Motor Co. (F) is not the only car company scaling back its green ambitions. New reports suggest that Bentley Motors (BSY) is looking to pullback on its plans for all-electric vehicles.
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Bentley is not only delaying its all-electric vehicle line-up until at least 2035, but it is also putting more of a focus on plug-in hybrid models. Bentley says it has bowed to market realities, and is therefore not going to push electric cars onto a populace who is not particularly interested in driving such vehicles.
However, Frank-Steffen Walliser, chairman and CEO of Bentley, says that two factors are pushing Bentley forward into this market: legislative demands and competition. Eventually, legislation will require greater electrification in vehicles.
Phase Two
In other news, a report says that Bentley’s electric ambitions will kick-off in 2027, while its third phase will start up around the target date of 2035. By 2027, the company will raise electric vehicle adoption rates while hoping that new battery technology breakthroughs hit somewhere.
Bentley recently named a new head of sales and marketing in Christophe Georges. Georges was formerly head of the Bentley Americas region. He taked over for Alain Favey, who moved to be CEO of Europcar Mobility Group.
Is Bentley A Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BSY stock based on five Buys assigned in the past three months, as indicated by the graphic below. After a 0.44% loss in its share price over the past year, the average BSY price target of $61.67 per share implies 20.92% upside potential.
