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First production Bentley Bentayga rolls off the line

Three-and-a-half years after we got a view of the initial concept that led us here, the Bentley EXP 9 F, the first production Bentley Bentayga has left the production line in Crewe. The Anthracite-colored crossover is the culmination of four years of work and an 840-million-pound investment that added a new bodystory, new paint shop, new assembly line, and 1,500 jobs to the company's workforce. Customer deliveries begin next month, and with the order book approaching 6,000 units, sightings of the Bentagya everywhere will commence not long after that. The brand has the segment to itself until Rolls-Royce, Aston Martin, and Lamborghini can bring their efforts to market, and after having driven it and found it really rather good, Bentley should profit handsomely from its position. Next spring, the sharper, edgier, faster Bentley crossover that many were expecting should make an appearance and likely do just as well, if not better. For now, though, it's the Bentagya show. The press release below has more. Related Video: FIRST BENTLEY BENTAYGA ROLLS OFF THE PRODUCTION LINE- Sector-defining SUV designed, engineered and handcrafted in Crewe- Car marks significant UK manufacturing investment- First Bentayga to join Bentley's famous Heritage Collection(Crewe, 27 November 2015) The very first production Bentley Bentayga, the catalyst for one of the biggest investment programmes in the company's history, today left the assembly line at Bentley's iconic headquarters in Crewe, UK.Four years on from the initial concept stage, during which time over 1,500 UK jobs have been created, the car - part of an GBP840 million investment programme - will now enter full production, with deliveries to customers starting in January 2016.Wolfgang Durheimer, Chairman and Chief Executive of Bentley Motors, said: "Bentley Bentayga will be the benchmark against which all other SUVs are measured, defining a new segment – the luxury SUV."This car is a celebration of UK manufacturing at its very best, not only reinforcing our commitment to industry in this country, job creation and significant investment, but to our home in Crewe. This is an important moment in our history, where we reflect and celebrate, but also look ahead to delivering this extraordinary car to our customers."I would like to take this opportunity to thank my colleagues from all parts of the business for their dedication and professionalism in delivering the Bentley Bentayga.

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

VW Group shareholders demand Bentley return to profit

The Volkswagen Group's main shareholders are giving British ultraluxury division Bentley an ultimatum to turn around its finances and start earning a profit. The Piech and Porsche families did not say what would happen if the brand fails to return to the black, but they said it should happen within two years. "The important thing is for every (VW Group) brand to generate a reasonable contribution again," Wolfgang Porsche told the subscription-only Frankfurter Allgemeine Zeitung, as relayed by Automotive News. "That is not currently the case at Bentley, and we are not satisfied." Volkswagen Group has not yet issued its report for full-year 2018, but Bentley had lost the equivalent of $157 million through the first nine months on an 11 percent decline in sales. In 2017, Bentley sold 10,566 vehicles globally, with revenue down 9.2 percent from 2016. VW Group apparently cites the slow rollout of the Continental GT and the British pound's lower value amid Brexit talks, which makes the many parts it sources from continental Europe more expensive, as among the reasons. A German study last summer claimed that Bentley lost a little more than $19,000 on each car. Adrian Hallmark started as CEO in February 2018 after heading global brand strategy for Jaguar. Bentley in 2018 released the all-new 2019 Continental GT after a nine-month delay, and it revealed the GTC convertible version in Los Angeles. Hallmark has said 2019 "is a conversion year to a better business model" after a year plagued by problems that also included European WLTP certification. He announced last year the luxury brand would no longer build new sports cars, though the brand says it's still committed to the idea of the two-door GT. Bentley has also said it wants electrified versions of all its models by 2025, which will be an expensive proposition and will likely including plug-in hybrid versions of current models.