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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

Weekly Recap: Auto execs face life in prison for recall delays under proposed legislation

The stiff punishments are part of broader transportation legislation, but clearly McCaskill has automakers in her sights.
Missouri Senator Claire McCaskill threw down the gauntlet this week, proposing a bill that could send auto executives to prison for life if they were found to have delayed a recall. She also wants to eliminate the limit for fines for auto safety violations, which are currently capped at $35 million.

Bentley expands hybrid lineup to Bentaya S and Azure models

People often joke that buyers of ultra-luxury vehicles from Rolls-Royce and Bentley don’t care about gas prices, but even if thatÂ’s true, a lot of people still may not want to own the rolling embodiment of earthÂ’s impending doom. Rolls-Royce will go all-electric by 2030, and its British rivals at Bentley are hard at work on the brandÂ’s first EV, expected by 2025. In the meantime, the Brits at Bentley have come up with hybrid powertrains, and the automaker recently announced an expansion of hybrid options for its only SUV, the Bentayga. The automaker says that 100 percent of Bentayga Hybrid owners use their SUVs in full electric mode, with half staying within the vehicleÂ’s electric range. The Bentayga S and Azure are now available with hybrid powertrains, meaning half of BentleyÂ’s lineup is electrified. Rather than focusing solely on improving efficiency, Bentley implemented a plug-in hybrid system that offers up to 27 all-electric miles of range, a 6-percent surge in power, and a 15-percent improvement in torque. The Bentayga S Hybrid, for example, delivers 455 horsepower. All Bentaygas get almost 300 pound-feet of torque just from the electric motor. All Bentayga hybrids come with a 3.0-liter V6, and Bentley says that the S Hybrid can reach 62 mph (100 km/h) from a standstill in 5.3 seconds. The SUV got 15-percent stiffer dampers that shift damping force based on the selected drive mode, and Bentley says a new Hybrid Sports Exhaust “brings a stirring symphony of sound within the cabin.” It sounds a lot like fake engine noises to us, and Bentley notes that the sounds can be adjusted differently for front and rear passengers. The Bentayga Azure Hybrid is a more luxury-focused variant that features intense noise-canceling technologies and unique interior touches to improve comfort and a sense of well-being. The Azure is up to 26-percent quieter than its rivals on the road, and Bentley says it tuned the SUV to deliver 27 percent fewer vibrations. Buyers can choose from 15 different interior materials and color combinations, and 22-inch 10-spoke wheels come standard.