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Bentley to cut 1,000 jobs in Britain

Luxury carmaker Bentley is cutting about 1,000 jobs in the United Kingdom amid the ongoing coronavirus outbreak, the BBC reported late on Thursday. The cuts at the Volkswagen-owned brand are expected to be announced on Friday, according to the report. The carmaker is likely to offer workers the chance to take voluntary redundancy, the report added. Bentley, founded in the UK in 1919, has restarted production at its northern English Crewe factory, where it builds thousands of luxury models. However, the shutdown of its UK production due to the virus outbreak has hurt the company. Earlier on Thursday, Aston Martin, another luxury carmaker, said it planned to shed 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels. Volkswagen and Bentley did not immediately respond to a Reuters request for comment late on Thursday. Related Video:    

Bentley EXP 10 Speed 6 coming, but not before hotter CUV

Bentley appears closer than ever to giving the green light for production to the curvaceous EXP 10 Speed 6 concept, but expect to see a hotter, more stylish crossover before the coupe arrives in showrooms. During the Bentayga launch, company CEO Wolfgang Durheimer hinted that both models would be perfect additions to the luxury brand's lineup, according to Car and Driver. The EXP 10 Speed 6's shapely design received glowing reviews when Bentley unveiled it at the 2015 Geneva Motor Show, and customers prodded the automaker to manufacture the coupe. "We want to build on this and make it a reality," Durheimer told Car and Driver about the positive buzz, but the boss said he couldn't put a production date on the two-seater yet. Durheimer has made positive statements about the EXP 10 Speed 6's production chances before, but it might be 2020 before the coupe goes on sale because the company's board still needs to approve the model. Rumors suggest the possibility of an electric version with 400 to 500 horsepower from tech similar to the Porsche Mission E concept and a more traditional variant with a 600-hp twin-turbo V8. In the nearer term, we could get the first look at Bentley's high-performance crossover as a concept at the 2016 Geneva Motor Show in March, according to Auto Express. The model allegedly shares the Bentayga's platform but features a revised body with an arching, coupe-like roofline. The company would also add more power to the twin-turbo W12 to match the exterior's more aggressive look. Related Video:

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.