Why Birmingham’s Bentley Bentley has a new owner
Bentley, the Bentley owner who went bankrupt in August 2018, has sold his stake in the brand.
Bentley’s former chief executive, Jeremy Palmer, and former chief financial officer, Mark Steed, both stepped down from the company, which was formed in 2010.
Bentley’s Bentley, which went into liquidation in 2018 after it ran into financial difficulties, was sold to the Chinese manufacturer Daimler for $8.3 billion.
Bentley will now be owned by a group of investors led by Chinese conglomerate CITIC.
The sale price is expected to be around $10 billion.
CITIC, which owns the majority of Daimling, is known for its automotive products and also owns the German luxury car manufacturer Porsche.
Daimler, which has a large global presence in the luxury car market, has also recently taken on new investments, including a deal to buy Jaguar Land Rover and a partnership with German carmaker Volkswagen.
“We’re excited to welcome Jeremy Palmer to Bentley, our new global CEO and Chairman,” Bentley’s new owners, Bentley Capital and Daimlers Bentley Capital, said in a statement.
In a statement, Palmer said he would remain in charge of Bentley’s global sales and marketing, with the other new owners bringing on their roles from within the brand, including Palmer as its new global chairman.
As for the new owners’ plans, Bentley said: “Our vision for the brand is to become a leading brand in the automotive market by 2020 and we will continue to lead the way in delivering our vision to the world.”
The Bentley brand is now in its second generation of luxury cars, launched in 2010, which are powered by Bentley’s all-new 5.3-liter V8 engine, which powers the company’s electric vehicles.
A new generation of the Bentley Bentley in 2020.
At the time of the company bankruptcy, Bentley had already sold off its luxury cars to private equity firm Daimels.
Since then, Bentley has sold off the entire luxury line, which will also see the introduction of a more limited range of electric vehicles later in the decade.
According to the company website, the company will also start to sell luxury sedans for the first time in 2019.