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Audi: record profit as 'biggest product initiative' in its history gets underway

Audi Group CEO Markus Duesmann   Even as the Audi Group (VOW.DE), VW’s luxury division, is in the midst of a huge EV transformation it still needs to perform where it counts — the bottom line. And so it is doing just that.  On Thursday the Audi Group - which is dominated volume-wise by Audi, but also includes Bentley, Lamborghini, and Ducati - posted record revenue and operating profit in 2022. That shouldnÂ’t be a surprise given what the industry has been seeing at the highest end of the market - record performances despite macroeconomic jitters across the globe. But that it's happening as the group is noteworthy.  “We are on the verge of the biggest product initiative in our history,” Audi Group CEO Markus Duesmann said at a news conference earlier on Thursday. “By 2025, we will have launched around 20 new models, more than 10 of which will be all-electric. We have set the course to go 100% electric. By 2027, we seek to offer an all-electric vehicle in each core segment.”   This is all part of Audi GroupÂ’s Vorsprung 2030 plan, which seeks to have all of the groupÂ’s new models be electric by 2026 — and to end traditional gas-powered engine production by 2033. To that end, the group saw EV deliveries jump 44% (in 2022) compared to 2021 to over 118,000 vehicles, with the share of EVs rising to 7.2% from 4.8% in the prior year. Audi is also launching its first EV using the PPE (premium platform electric), which was developed together with Porsche. That EV, the Audi Q6 e-tron, will be unveiled later this year. (Past Audi EVs shared corporate parent VWÂ’s electric platform.) “With the Audi Q6 e-tron, e-mobility is coming from Ingolstadt (Audi HQ) for the first time,” Duesmann said in a statement. “To this end, weÂ’re also building a dedicated battery assembly facility on site. This will enable us to retain important know-how here in Germany and train our employees in future fields.” AudiÂ’s German rivals of course are also leaning in hard on their EV transformations. That makes it all the more important that Audi get its EV strategy right—and launched in a timely manner.

Bentley Continental 24 is for those who find the Supersports too common

Bentley is no stranger to special-edition models. Some are like the Bentayga Falconry by Mulliner, a tasteful rolling tribute to the sport of kings. Others, such as the new Bentley Continental 24, are aimed at a slightly less conservative customer base. The Continental 24, built to commemorate the British automaker's return to the 24 Hours Nurburgring, is big, bright, and slightly less subdued than other Bentleys. As they say, different strokes for different folks. The entire run will be limited to 24 cars, obviously. The full allocation is slated just for Europe, but we're sure with enough cash Bentley can make something similar available stateside. The car is based on the new 700 horsepower Bentley Continental GT Supersports, the fastest road-going Bentley ever. In addition to the horsepower, the Supersports' W12 engine turns out 750 lb-ft of torque and, thanks to the titanium exhaust, enough noise to drown out all the haters at the local country club. The most obvious feature on the Continental 24 is the bright Monaco Yellow or St. James Red over Black Crystal paint scheme, done up similar to the Bentley Team ABT Continental GT3 race cars. The paintwork even carries to the 21-inch forged wheels, with body-matching paint filling the spokes. The exterior is finished with carbon-fiber mirrors, black brake calipers, and black brightware in place of chrome. The two-tone theme carries on inside the Continental 24, with either yellow or red accenting the nearly all black trim and upholstery. Black Alcantara seats are stitched with contrasting diamond patterns. Yellow or red sweep around and flank the cabin. As expected, the headrests are emblazoned with "Continental 24." Unsurprisingly, exclusivity doesn't come cheap. Deliveries begin in July with prices starting at ˆ250,000, or about $280,600. It's probably got a wider appeal than the admittedly niche Bentayga Falconry. Related Video: Featured Gallery Bentley Continental 24 View 12 Photos News Source: Bentley Design/Style Motorsports Bentley Coupe Luxury Performance

New Bentley boss nixes any new sports cars in its money-losing lineup

Adrian Hallmark took over the helm at Bentley on February 1 this year. Volkswagen poached him from Jaguar, where he headed the brand's global strategy. Or perhaps we should say re-poached him, since Hallmark served as Bentley's board member in charge of sales and marketing from 1999 to 2005, and helped guide the original Continental GT to market. He's now responsible getting Bentley in better shape financially and sales-wise, and positioning it for growth. Among the products necessary to do that, Hallmark recently told Autocar that flashy coupes won't cut it. "I'll tell you what we won't be building," he said, "and that's sports cars." That means we can forget about the gorgeous EXP 10 Speed 6 coupe that had a rumored place in the lineup after a sub-Bentayga CUV, and the EXP 12 Speed 6e battery-electric convertible. Hallmark cited a few issues with the segment, the first being that the segment hasn't yet recovered from the recession, and the buyer demographic that's left goes up in age every year, clearly a losing game. The kinds of younger buyers who would buy Bentleys, athletes and entertainers, are deterred from the purchase by contractual limitations like injury clauses or aversion to paparazzi photos. As well, in China, wealthy buyers get SUVs or limousines, but Hallmark believes Bentley hasn't adopted the the proper strategy there to take advantage. This is far more than about sports cars for Bentley, though; a recent article in German newspaper Handelsblatt outlined a number of situations the carmaker needs to rectify, including the finding that Bentley's "losing money hand over fist instead of racking up the hefty margins more typical of the class." A German study claimed that whereas Ferrari makes around $80,000 on every car it sells, and Porsche makes a little more than $19,000 on each car (last year it was a little more than $17,000) Bentley loses a little more than $19,000 on each unit. The English manufacturer has posted an operating loss of roughly $92 million through the first six months of 2018, the latest figures in a decline that began in 2014. That financial timeline, however, coincides with Bentley's $1.1B investment in new technologies, which the carmaker cites as the reason for profitability woes.