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Bentley says 'emotional sensitivity' slowed sales in 2023

LONDON — British luxury carmaker Bentley on Tuesday reported a lower operating profit for 2023 after a weak economy and high interest rates hit sales, but the company said its performance had stabilized and new launches would boost it in 2024. "We had an uneven performance for the first time in about four years," CEO Adrian Hallmark told reporters. "Even though our customers can still afford our cars... there was a level of emotional sensitivity that slowed down demand." For those who leased rather than bought cars with a starting pre-tax price above 220,000 euros ($238,590), interest rates had led to a tripling in monthly fees last year, Hallmark said. He said the launch of four high-performance hybrids this year should spur sales as the company gears up to launch its first fully electric Bentley in 2026. Bentley is aiming for an all-electric model lineup by 2030, but Hallmark said its hybrids were likely to be on sale after that deadline as the company seeks to ensure a return on its substantial investment. The luxury automaker in January reported an 11% drop in sales for 2023 following a record year in 2022. The British luxury unit of Volkswagen posted an operating profit of 589 million pounds ($748 million) for 2023, down nearly 17% from 708 million pounds in 2022. Revenue was down 13% at 2.94 billion pounds from a year earlier and the company said its profit margin dropped to 20.1% from 20.9% in 2022 because of investments in new vehicles. Earnings/Financials Green Bentley Luxury

Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

Bentley installing 10,000 solar panels in HQ parking lot

Bentley has started construction on what it says will be the U.K.'s largest solar-powered car port at its factory headquarters in Crewe, England. When completed, the array will have a capacity of 2.7 megawatts, enough to cover 24 percent of the company's energy requirements on the site. Crews will install 10,000 solar panels in the employee car port in a project that's expected to take six months. They'll add to the 20,815-panel, 5mW rooftop solar power system that Bentley finished installing at the factory in 2013. The combined output will be enough to power the equivalent of 1,750 homes. The car port will cover 1,378 parking spaces and be installed and operated by British firm FlexiSolar, which is also designing and manufacturing the system. The new green energy system adds to plaudits in recent years for reducing its water usage at the Crewe HQ. Bentley has also been awarded the Carbon Trust Standards for carbon, water and waste. While Bentleys aren't exactly known for their fuel efficiency — the Mulsanne sedan gets a woeful 11 mpg in the city and 18 mpg on the highway — its vehicles no longer appear on the American Council for an Energy-Efficient Economy's "meanest" list of gas-guzzlers, as they once did. It also just showed its forthcoming and long-promised Bentayga plug-in hybrid in Geneva, promising 31 miles of all-electric range and a turbocharged 3.0-liter V6 paired with an electric motor. The brand is also promising a full-electric model in the near future. "We continue to focus on new initiatives that reinforce our commitment to the environment, whether this is introducing alternative powertrain technologies in future models, or our award-winning work to reduce the environmental impact of our factory," Peter Bosch, Bentley's member of the Board for Manufacturing, said in a statement. Related Video: