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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

Bentley and Italdesign tease Geneva reveals

With five weeks to go until the Geneva Motor Show on March 5, automakers have begun the tease campaign. But because there are still five weeks to go, the teases are a little stingy. Bentley and Italdesign, two brands owned by the Volkswagen Group - Audi, specifically, owns Italdesign - break the seal with what look like two sports cars, the segment Geneva's best known for. Bentley, surprise, surprise, will celebrate its centenary year at Geneva with something inspired by its Le Mans history. The English carmaker's teaser video contains a number of historical elements that we don't know how to line up with the grille of the modern Bentley featuring a "9" graphic. The narrator detailing the early Le Mans race mentions 60 entries, but Le Mans never fielded exactly sixty entries during Bentley's fame-making days. The closest we could get was the 1925 race, the year after Bentley's first win, which saw 55 cars line up. But in 1925, the No. 9 Bentley had to retire after 13 hours when it caught on fire during a fuel stop. Instead, Bentley could be referring to the next evolution of its race cars. The brand won Le Mans with the Speed 6, and used the Speed 8 to win the 2003 race. Italdesign has gone even more cryptic with its teaser. The styling house most recently known for the Lamborghini Huracan-based Zerouno in 2017, and the Zerouno Duerte and Nissan GT-R50 in 2018, is promoting something else with serious wing. We'll guess it isn't another Zerouno derivative because of the wing stanchion. Freezing a few of the frames reveals background lines that make whatever's coming look highly racy. We'll get answers in the city by the lake. And most likely, a few more teasers before then. Related Video:

A car writer's year in new vehicles [w/video]

Christmas is only a week away. The New Year is just around the corner. As 2014 draws to a close, I'm not the only one taking stock of the year that's we're almost shut of. Depending on who you are or what you do, the end of the year can bring to mind tax bills, school semesters or scheduling dental appointments. For me, for the last eight or nine years, at least a small part of this transitory time is occupied with recalling the cars I've driven over the preceding 12 months. Since I started writing about and reviewing cars in 2006, I've done an uneven job of tracking every vehicle I've been in, each year. Last year I made a resolution to be better about it, and the result is a spreadsheet with model names, dates, notes and some basic facts and figures. Armed with this basic data and a yen for year-end stories, I figured it would be interesting to parse the figures and quantify my year in cars in a way I'd never done before. The results are, well, they're a little bizarre, honestly. And I think they'll affect how I approach this gig in 2015. {C} My tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015 it'll be as high as 73. Let me give you a tiny bit of background about how automotive journalists typically get cars to test. There are basically two pools of vehicles I drive on a regular basis: media fleet vehicles and those available on "first drive" programs. The latter group is pretty self-explanatory. Journalists are gathered in one location (sometimes local, sometimes far-flung) with a new model(s), there's usually a day of driving, then we report back to you with our impressions. Media fleet vehicles are different. These are distributed to publications and individual journalists far and wide, and the test period goes from a few days to a week or more. Whereas first drives almost always result in a piece of review content, fleet loans only sometimes do. Other times they serve to give context about brands, segments, technology and the like, to editors and writers. So, adding up the loans I've had out of the press fleet and things I've driven at events, my tally for the year is 68 cars, as of this writing. Before the calendar flips to 2015, it'll be as high as 73. At one of the buff books like Car and Driver or Motor Trend, reviewers might rotate through five cars a week, or more. I know that number sounds high, but as best I can tell, it's pretty average for the full-time professionals in this business.