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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.

VW makes $23K on every Porsche sold, more than Bentley or Lamborghini

It's a good time to be in the luxury car business. In Volkswagen Group's financial report for the 2013 fiscal year, it is revealed that that Porsche enjoyed an operating margin of 18 percent. That means the Stuttgart brand made on average about $23,200 per car sold, according to BusinessWeek. Bentley wasn't far behind, and Audi (which was combined with Lamborghini) posted a 10.1 percent margin. This compares to only around 2.9 percent for the Volkswagen brand.
"Luxury brands are on fire," said Dave Sullivan, an industry analyst at AutoPacific. He said that the average profit margin is between six and eight percent. Brands like Porsche and Bentley have the benefit of competing in rarefied markets. Buyers looking at one their vehicles have fewer models to shop against and don't care as much about price. They can also charge more for options, which further boosts income, according to BusinessWeek.
In a way, we should be more impressed by the continued success from Audi. Its models generally have direct competitors in every segment from the other premium automakers. Plus, their buyers aren't the captains of industry who are shopping for a Bentley. Still, the Four Rings is leading rivals in sales so far this year.

And the first Bentley Bentayga goes to... Queen Elizabeth II

The Bentley Bentayga aims to be a lot of things to a select few people. But as the world's fastest, most powerful, and (arguably) most luxurious SUV on the market, it could all boil down to bragging rights for some. So who will get to enjoy the privilege of receiving the very first one? Probably the one person in the world who needs to brag the least: Queen Elizabeth II. The sovereign monarch of the United Kingdom (and more current and former commonwealth countries than we care to count) already rides around in a Bentley State Limousine specially made for the purpose and based on the old Arnage. But she'll now be adding a new Bentayga to her royal motorpool, using it specifically to go hunting at one of her estates in Scotland. She does, after all, own several in the country – including the official Palace of Holyroodhouse in Edinburgh and (more likely) her private Balmoral Castle in Aberdeenshire. Wherever she chooses to drive it, that's got to hurt for Jaguar Land Rover. The rival British automaker has been supplying the royal family with Range Rovers for years. Then again, both companies – alongside Aston Martin and Vauxhall – all hold royal warrants for supplying goods to Her Majesty. Given how many vehicles the royal family must own (and how the Queen has been known to drive herself about), we're sure there's room for all of Britain's finest. Watch Bentley's American CEO Michael Winkler discuss the Bentayga with a spitting image of Rob Cordry in the video above from Bloomberg. Related Video: