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Coronavirus prompts VW to stop production throughout Europe

FRANKFURT — Volkswagen Group, the world's biggest carmaker, is suspending production at factories across Europe as the coronavirus pandemic hits sales and disrupts supply chains, the company said on Tuesday. The German carmaker, which owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda brands, also said that uncertainty about the fallout from coronavirus meant it was impossible to give forecasts for its performance this year. "Given the present significant deterioration in the sales situation and the heightened uncertainty regarding parts supplies to our plants, production is to be suspended in the near future at factories operated by group brands," Chief Executive Herbert Diess said on Tuesday. Volkswagen's powerful works council concluded it was not possible for workers to maintain a safe distance from each other to prevent contagion and recommended a suspension of production at its factories from Friday. Production will be halted at VW's Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy before the end of this week, Diess said. Most of its other German and European factories will prepare to suspend production, probably for two to three weeks, while Audi said separately it would halt output at its plants in Belgium, Germany, Hungary and Mexico. Volkswagen's vast factories in Chattanooga, Tennessee, in Puebla, Mexico, and plants in Brazil were not affected, but that would depend on how the coronavirus spreads, VW said. Volkswagen has 124 production sites worldwide of which 72 are in Europe, with 28 in Germany alone. "2020 will be a very difficult year. The coronavirus pandemic presents us with unknown operational and financial challenges. At the same time, there are concerns about sustained economic impacts," Diess said.   Production in China resumes Volkswagen Group sold 10.96 million vehicles last year, putting it ahead of Toyota based on the latest figures from the Japanese carmaker. Globally, VW employs 671,000 people and it delivered 4.86 million vehicles to European customers in 2019. Only last month the car and truck maker based in Wolfsburg, Germany, predicted that vehicle deliveries this year would match 2019 sales and forecast an operating return on sales in the range of 6.5% to 7.5%. "The spread of coronavirus is currently impacting the global economy. It is uncertain how severely or for how long this will also affect the Volkswagen Group.

Bentley Mulsanne EWB China Edition ironically celebrates London

Bentley's versed in special editions for China, although it's been a while since we last saw one. In 2010, the English automaker released the Continental GT Design Series China and Flying Spur Speed China, following that up a year later with the Linley Continental Flying Spur that was limited to a mere 10 units. This time around, 15 Chinese buyers get the chance to order the Bentley Mulsanne Extended Wheelbase China Edition in any color they want so long as it's black. This being a product of Bentley's Mulliner bespoke division, though, buyers do get a choice of two special blacks. Onyx black imbues the abyssal shade with "a hint of dark blue" as well as darker tones, resulting in the "deepest black finish offered by Bentley." Mulsanne shoppers who like their blacks a bit more uplifting should opt for Black Velvet, said to be "a richer black-based finish" shot through with red pigments, creating a color recalling black cherries. Both hues are hand-applied, as is the gold fine line running along the Mulsanne's shoulder. Further exterior highlights comprise the chrome Serenity grille with a double-diamond quilt pattern, a Union Jack on the C-pillar, 21-inch and 14-spoke polished Radiance wheels, exclusive welcome lamps, and polished, stainless steel Mulliner sill plates.  Three vogue, two-tone interiors will be available, in either Fireglow with Imperial Blue, Newmarket Tan with Burnt Oak, or Shortbread with Redwood. Crewe artists embroidered the hide covering each seat with "an expressive interpretation" of London's skyline that includes widely recognizable sights: Tower Bridge, the London Eye Ferris wheel, the Shard and Gherkin towers, and The O2 arena. The same design is inlaid into the chosen veneer on the passenger's side.   The 6.75-liter turbocharged V8 with 506 hp and 752 pound-feet of torque goes untouched. Bentley will share pricing only with the 15 souls ready to purchase, but the standard sedan starts at more than 5 million yuan, or almost $750,000 American. Buyers would be advised to have a Bentayga on hand to convey the funds to the dealership.

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