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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.

Coronavirus prompts VW to stop production throughout Europe

FRANKFURT — Volkswagen Group, the world's biggest carmaker, is suspending production at factories across Europe as the coronavirus pandemic hits sales and disrupts supply chains, the company said on Tuesday. The German carmaker, which owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda brands, also said that uncertainty about the fallout from coronavirus meant it was impossible to give forecasts for its performance this year. "Given the present significant deterioration in the sales situation and the heightened uncertainty regarding parts supplies to our plants, production is to be suspended in the near future at factories operated by group brands," Chief Executive Herbert Diess said on Tuesday. Volkswagen's powerful works council concluded it was not possible for workers to maintain a safe distance from each other to prevent contagion and recommended a suspension of production at its factories from Friday. Production will be halted at VW's Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy before the end of this week, Diess said. Most of its other German and European factories will prepare to suspend production, probably for two to three weeks, while Audi said separately it would halt output at its plants in Belgium, Germany, Hungary and Mexico. Volkswagen's vast factories in Chattanooga, Tennessee, in Puebla, Mexico, and plants in Brazil were not affected, but that would depend on how the coronavirus spreads, VW said. Volkswagen has 124 production sites worldwide of which 72 are in Europe, with 28 in Germany alone. "2020 will be a very difficult year. The coronavirus pandemic presents us with unknown operational and financial challenges. At the same time, there are concerns about sustained economic impacts," Diess said.   Production in China resumes Volkswagen Group sold 10.96 million vehicles last year, putting it ahead of Toyota based on the latest figures from the Japanese carmaker. Globally, VW employs 671,000 people and it delivered 4.86 million vehicles to European customers in 2019. Only last month the car and truck maker based in Wolfsburg, Germany, predicted that vehicle deliveries this year would match 2019 sales and forecast an operating return on sales in the range of 6.5% to 7.5%. "The spread of coronavirus is currently impacting the global economy. It is uncertain how severely or for how long this will also affect the Volkswagen Group.

Baby Bentley studied for 2020, but it might not be cheaper

Bentley may step down a segment with a new, smaller luxury car that it hopes to have ready by 2019. The British luxury marque's fifth model line, assuming that its SUV ever makes it to market, though, is still in the earliest planning stages.
Kevin Rose, Bentley's head of sales and marketing, spoke with Autocar at the Geneva Motor Show about the proposed new vehicle. "At the moment, our line of thinking is for a smaller car. But smaller doesn't necessarily mean cheaper," he said. The brand believes the price floor of its models should be 100,000 pounds ($167,240).
The smaller Flying B isn't the only project being worked on. Rose hinted that it is considering an even more expensive model above the Mulsanne priced at around 300,000 pounds ($501,735) that would compete with the Rolls-Royce Phantom. "The twin pillars of the Bentley brand are performance and luxuriousness. Any car that offers something unique, with both of those bases well covered, is on the table," he said.