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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

W12 engine disappears for regular Bentley Continental GT in 2022

The non-Speed version of the Bentley Continental GT will not be available with a W12 engine in 2022. It'll be V8 only. CarBuzz noticed the change missing on Bentley's Continental Range page, and when the outlet put the question to the English automaker, the answer came back, "GT Speed and GT Speed Convertible are the only way to get a Continental with the W12 for 22MY." So ends a 13-year run of being able to choose how many horses and torques you wanted to pair with your leather and wood. We thought things were strange when Bentley priced the 2022 Continental GT Speed coupe $50,000 above the previous non-Speed Continental coupe with the W12. That's about double the premium the Speed has charged in the past despite making only 24 more horses than the non-Speed W12. Of course, that doesn't exist any more so such comparisons are academic.  At least the new Speed has received a handling makeover that includes a Bentley first: an electronic limited-slip differential. The new tools and their algorithms impart an enthusiastic liveliness at the stern end of the world's most flamboyantly capable heavyweight grand tourer. But the 2022 GT Speed can't do anything that the old standard W12 GT couldn't; the Speed is just more pliant and talkative about it. And now it exclusively has four more cylinders. The regular Continental range now includes four versions — GT V8 coupe and convertible, and GT V8 Mulliner coupe and convertible — with the Speed adding its own hardtop and droptop duo. Bentley execs have repeatedly said and hinted that they aren't finished with the W12, which got an all-new version to power the Bentayga in 2015; CEO Adrian Hallmark called it "effectively a new engine." The automaker's only got five years to spread it around, though, Bentley having said it will offer a hybrid version of all of its models by 2026, and also having said it doesn't want to add batteries to the W12 because the engine — and the car it powers — are already heavy. Our guess is that Bentley's looking up. There was a 2017 Continental GT Supersports with a W12 that made 700 hp and 750 lb-ft., which cost $60,000 more than the GT Speed. A new Supersports with those mammoth numbers (or more) and the newest Speed's dynamic tricks would make a might fine showcase. 

Weekly Recap: Geneva's splendor reflects growing demand for ultra-luxury cars

Geneva is one of the most glittering auto shows in the world, but the list of high-powered and bespoke luxury cars was decadent this year even by the rich standards of the Swiss exhibition. It's great for enthusiasts to revel in the flame-throwing Aston Martin Vulcan, the racing-inspired elegance of the Bentley EXP 10 Speed 6 concept and the insane performance of the Lamborghini Aventador LP 750-4 Superveloce, but there's a reason for all of this opulence: the luxury market is big business. And it's growing. IHS Automotive forecasts that so-called ultra-premium sales will nearly triple this decade from 123,000 to 353,000 units around the world. The estimate includes brands like Aston Martin, Bentley, Ferrari and Rolls-Royce, but doesn't count BMW, Mercedes and Audi, which offer less expensive models in addition to their high-end flagships. Though IHS includes Porsche and its relatively large volume in the study, the ultra-premium segment is still set grow at about the same rate, even without the German automaker's figures. So what is propelling all of this growth in the most expensive segment of the auto industry? Put simply, there's more rich people. IHS Automotive principal analyst Tim Urquhart pointed to economic expansion in China, market recovery in the United States and a surge in the lucrative technology sector as contributing factors. This dovetails with a research report by UK-based Oxfam, an international relief organization, which found the world's richest one-percent owned 48 percent of global wealth in 2014, and it's expected to increase to more than 50 percent by 2016. View 17 Photos Carmakers are moving quickly to capitalize with new products, expanding their portfolios with low-volume speedsters like the 800-hp V12 Vulcan at Geneva, and plans to enter new segments, like Rolls-Royce's strategy to make an SUV. "Ultra-premium carmakers are looking to explore ways of growing their product offerings, and thus their bottom lines, in this most potentially profitable of segments," Urquhart wrote in a report on the Geneva show. In a nutshell, there are more choices for people with more money. It's a good time to have expensive taste. Other News & Notes 2016 Mazda MX-5 Miata production launches It won't be long now. The 2016 Mazda MX-5 Miata arrives later this year, and it's officially in production. Mazda announced this week that the roadster began rolling off the assembly line at its Ujina factory in Hiroshima, Japan.