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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's first EV will be an SUV arriving in 2025 on Audi Project Artemis platform

The first electric Bentley is going to be an SUV, and it will arrive in 2025, according to a report recently published by Car Magazine. It will also be an Audi collaboration, but this second bit of news comes as very little surprise given the companies live under the same roof in the VW Group. When Car questioned Bentley CEO Adrian Hallmark concerning the body style the first EV would take, Hallmark replied, “If you're not in SUVs, you're nowhere.” ThatÂ’s a pretty telling suggestion, and considering the BentaygaÂ’s success, Bentley is smart for heading down the crossover/SUV path first. The next question we have concerns the vitals of the car. What will underpin BentleyÂ’s first big, electric effort? It appears as though Project Artemis is the answer. WeÂ’ve seen rumors and reports flying around about this Audi-led project previously. ItÂ’s been suggested that both Bentley and Porsche would be taking a bite, and these previous reports are ringing true. “With our current cars, we had to get into the engineering largely after they [the platforms] had been done,” Hallmark told Car. “The difference now is that with Artemis we're right in there at the beginning, helping define it. We're not leading it, but we're going to be a beneficiary of it” Audi has previously said the Artemis project/platform would be ready for prime time by 2024, so Bentley clearly already has its foot in the door if it intends to release a car in 2025 on the same chassis.  “Looking forward to electrification, we're going to have closer synergies with Audi,” Hallmark said. “But we will continue to have strong relationships with both brands [Audi and Porsche], and we see this as an opportunity, not a risk. No question – we are electrifying. And we need to find the best way to fast-track that, and to lead the technology charge.” Advanced Level 2 autonomous tech is expected to land with this platform, and we suspect there will be many other enhancements made even above and beyond what is currently possible with the PPE platform (underpinning both the Taycan and E-Tron GT). Artemis is also a project designed to yield much larger electric vehicles than what the VW Group currently has to offer. That fits BentleyÂ’s vision of a flagship SUV, and itÂ’ll also work nicely with a giant Audi offering.

VW Group plan puts Porsche in charge of a 'super-premium' division

An Automobile report looks into what's happening on the organizational and technical sides of the Volkswagen Group, and what those changes could mean for the premium brands. The wide-angle view is that Porsche appears to have been anointed to "coordinate the future activities" at Audi, Bentley, Bugatti and Lamborghini. Audi would cede Lamborghini guardianship to Stuttgart, and Ducati — via a new concern called Ducati Enterprises — would become the shepherd for VW's other Italian investments. Executives target Jan. 1, 2019, to complete the reshuffle. VW wants to save a boodle by tying up four of its five top-tier brands, and putting the one with the highest ROI in charge. Porsche, within its own house, wants to reduce expenditures by $2.3 billion per year over for four years, the savings already earmarked for improving internal processes like R&D and production. Having Porsche share those gains as well as lead development of platforms, components and future-tech strategies for the sister sports car brands could benefit everyone. In the near-term, the brands have their own plans: Bugatti CEO Stephan Winkelmann is said to want a Chiron Superleggera, a roofless and "completely reskinned" Chiron Aperta, and a track-only Chiron SS. The Superleggera could take the Chiron Sport's and Divo's Jenny Craig routines even further. The Aperta seems a natural successor to the Veyron Grand Sport, a natural evolution of the recently introduced Sky View roof, and a reskin might include numerous Divo cues. It's also said Bugatti's considering "an all-electric high-end model" in conjunction with Porsche, Rimac, and Dallara, but name one supercar or hypercar manufacturer that isn't considering a lightning-fast EV. Lamborghini, deep into work on follow-ups for the Huracan and Aventador, might get a bit of a bump with the new plan. The carbon "monofuselage" for the next V12 flagship is said to be too far developed and too complex to scrap. It puts two electric motors on the front axle, batteries in the middle, and a naturally aspirated V12 with around 770 horsepower plus another e-motor with 402 horsepower in back. The Huracan is said to get a version of the same carbon architecture at the moment, but the corporate reorganization might press pause on it. Automobile says options include continuing the Huracan/ Audi R8 twinning, but that depends on Audi saying "Ja" to a third-gen R8 with Lamborghini bones.