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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 decides to keep Lamborghini and Ducati, transfers Bentley to Audi

Investors in the market for a high-end Italian manufacturer that peddles performance will need to keep looking. Volkswagen announced it will hang on to Lamborghini and Ducati in the foreseeable future. Executives in Wolfsburg, Germany, are making far-reaching changes to the Volkswagen Group to reboot it with a big focus on technology. Credible rumors claimed that the people in charge of the carmaker wanted to carve out Lamborghini — which owns Ducati — and ultimately list it, or at least a chunk of it, on the stock market in order to fast-track the group's electrification strategy. Going electric is expensive, so selling Lamborghini would have helped fund the expansion, and high-octane supercars don't easily go hand-in-hand with zero-emissions cars. "Volkswagen needs to change from a collection of valuable brands and fascinating combustion-engine products that thrill customers with superb engineering to a digital company that reliably operates millions of mobility devices worldwide," summed up Herbert Diess, the group's boss, during a September 2020 meeting. His team ultimately decided not to fully divest both brands. It's too early to tell whether part of Lamborghini will be listed on the stock market, as some insiders have suggested, or if those plans are off the table, too. Changes are coming to Bentley as well. While it's not being spun off either, it will fall under the Audi umbrella starting on March 1, 2021. Volkswagen explained linking the two companies will "allow for synergies to be achieved as part of the electrification strategy of the two premium brands," a statement which suggests they will share a growing number of components during the 2020s. Unverified rumors claim that Bentley will notably get its own version of an ultra-luxurious electric SUV code-named Landjet that Audi is currently developing. We've reached out to Bentley for more details, and we'll update this story if we learn more. Bugatti's future wasn't mentioned in the release; unconfirmed reports suggest it will be traded for a stake in Croatian start-up Rimac. Volkswagen's supervisory board also reaffirmed its support for Diess, who was appointed CEO in 2018 and who has played a significant role in the company's transformation. Finally, the board approved the development of what a statement refers to a future leading electric vehicle sold by the Volkswagen brand that will be developed and manufactured in Wolfsburg.

1931 Bentley 8 Litre is the 2019 Pebble Beach Concours Best of Show

A 1931 Bentley 8 Litre Gurney Nutting Sports Tourer took home the title of Best of Show at the 69th running of the Pebble Beach Concours d'Elegance. It's probably the only time the owners will be okay with a bunch of tiny pieces of paper raining down on the immaculate open interior.  The 2019 Pebble Beach Concours took place on Sunday, August 18, 2019, and it capped a typical Monterey Car Week filled with hundreds of millions of dollars worth of automotive excellence. Some cars sold for eight digits, while others unexpectedly failed to meet reserve (even at eight digits).  The '31 Bentley had stiff competition for the top honor. The finalists for Best of Show included a 1938 Talbot-Lago T150C-SS Figoni & Falaschi Teardrop Cabriolet owned by Richard & Melanie Lundquist, a 1936 Mercedes-Benz 540K Erdmann & Rossi Special Cabriolet owned by The Keller Collection at the Pyramids, and a 1962 Aston Martin DB4GT Zagato Coupe owned by David F. MacNeil.  The Bentley, which has custom coachwork from J. Gurney Nutting & Company Limited, is owned by The Honorable Sir Michael Kadoorie of Hong Kong. This is the first time a Bentley has won the Pebble Beach Best of Show since 1965, a fact that makes for a wild coincidence considering Bentley is celebrating its centenary this year, as well.  "The Centennial of Bentley may have played a role in this award, but the 8 Litre is the ultimate W. O. Bentley–era automobile," Kadoorie said, according to a press release. "This is the car that represents Bentley at its finest, and I have been very fortunate to have a car that has this elegance and finish, and that the Pebble Beach Concours feels is worthy." In other awards news, a 1938 Talbot-Lago T150C-SS Figoni & Falaschi Teardrop Cabriolet won Most Elegant Convertible, a 1950 Alfa Romeo 6C 2500 Ghia Supergioiello Coupe won Most Elegant Closed Car, a 1929 Rolls-Royce Phantom I Brewster York Roadster won Most Elegant Open Car, and a 1956 Ferrari 250 GT Zagato Berlinetta Speciale won Most Elegant Sports Car. The Pebble Beach Concours live streamed a good portion of the sunny festivities, and we've included it below. Scroll to about the 3:27 mark to see the best-of-show presentation that capped off the day.