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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.

Volkswagen profit jumps as it warns of a cooling auto market

FRANKFURT, Germany — Volkswagen says its profits jumped 44% in the third quarter thanks to a more profitable mix of vehicles in its lineup but warned that global car markets are slowing more than expected and lowered its forecast for annual sales. After-tax profit rose to $4.42 billion (3.98 billion euros) as revenues rose 11% to $68.27 billion (61.42 billion euros). The sales margin of 7.8% exceeded the goal of 6.5-7.5% as vehicles bringing higher profits took a larger share of sales. The Wolfsburg-based automaker pointed to the headwinds facing the industry by saying that it expects "vehicle markets will contract faster than previously anticipated in many regions of the world." It said sales would be "on a level" with last year's record of 10.8 million vehicles. Previously it had expected a slight increase. The company said its profits would be in the lower end of its forecast range. Global automakers are facing a slowdown in sales amid disputes over trade and from pressure in the European Union and China to develop and sell low-emission vehicles that require heavy investment in new technology. Ford and Renault have issued profit warnings in recent days, while Daimler, maker of Mercedes-Benz luxury cars, lost money in the second quarter and is expected to outline a cost-cutting strategy for investors on Nov. 14. Volkswagen is leading the push into electric vehicles in Europe by launching its ID.3 battery-powered compact car at prices it says will make zero local emission vehicles a mass phenomenon. The company was able to increase earnings in the quarter despite an 18% rise in spending on research and development.

Bentley's new rear seat entertainment system aims to make the rich life even easier

Bentley has a new rear seat entertainment system that aims to make watching content on the rear seat screens much easier. It’s simply named Bentley Rear Entertainment, and itÂ’s going to be available on both the Bentayga and Flying Spur. What makes it noteworthy is the systemÂ’s ability to cast via your mobile device. You can simply select the BentleyÂ’s screens via your streaming app of choice on your phone (so long as the phone is connected to the in-car WiFi), and itÂ’ll splash up onto the HD screens. Thankfully, itÂ’s configured to work with both iOS and Android devices. Think of it as a glorified Chromecast situation. ItÂ’s convenient and super easy to make work. ThereÂ’s only one weird wrinkle to speak of. While you can “cast” content from any streaming service like Amazon Prime, Hulu, Disney+ and Apple TV+, Netflix comes pre-installed on the system. This means that while you can use your phone, you could also just use the entertainment system's built-in Netflix app. One last thing you can do with your phone, though, is mirror it on the screen. This literally just displays exactly whatÂ’s on your phone up on the screen in front of you, in case there were photos or videos you were interested in sharing with the backseat. Aside from the phone connectivity, Bentley equips the 10.1-inch screens with HDMI ports. That means you can bring a gaming console or even third-party streaming sticks like an Amazon Firestick. As for audio, Bentley provides you with special Bluetooth headphones for the car. You can also pair your own headphones, plug into the auxiliary jack, or simply have the audio play over BentleyÂ’s superb Naim audio system. The dual screens themselves are also new technology and feature 1080p resolution with touch controls. Bentley doesnÂ’t detail pricing for the system, but itÂ’s a no-brainer for any Bentley buyer who is being driven around, or is driving others around. WhatÂ’s another few thousand dollars at Bentayga and Flying Spur prices anyway? Related video: