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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.

If VW defaults on loans it may sell Bentley or Lamborghini

If something goes catastrophically wrong with Volkswagen Group's recent $21 billion loan, brands like Bentley or Lamborghini could hit the auction block. According to two insiders to Reuters, the beleaguered German automaker agrees with its creditors to sell assets if the company somehow can't pay back the debt in a year. One of these anonymous people claimed the company hasn't yet deliberated over what to sell. However, the sources were willing to speculate that the power engineering portion of Man could be among the first to go. "Volkswagen may also consider divesting luxury car brands Bentley and Lamborghini or motor bike brand Ducati, although these units don't really move the needle," an insider said to Reuters. VW Group negotiated with the banks earlier this week to get the massive loan. The cash is necessary as a buffer in case the automaker doesn't have enough money on hand to repair vehicles or settle upcoming fines. VW would reportedly issue bonds in the spring to begin paying the debt. The company's bills will start racking up quickly in the new year. German authorities mandate a recall there in early 2016, and repair campaigns in the US for the 2.0- and 3.0-liter diesel engines are inevitable. There are also hundreds of class-action lawsuits to settle. The company needs to resolve its CO2 emissions scandal in Europe, too. In response to these financial threats, VW management created a cost-cutting plan to slash the research and development budget by $1.1 billion next year.

Bentley Bentayga Hybrid First Drive Review | Mass without substance

The new Bentley Bentayga Plug-In Hybrid is the venerable British brand's cheapest vehicle. Certainly, with a base price of $158,000, it is not inexpensive by any stretch. In fact, it costs more than four times the average price of a new vehicle purchased in America this year. But after driving an advance version of the marque's first plug-in through the horror-scape that is Silicon Valley, we were reminded of the old saying: You get what you pay for. We will preface this review by stating something that should be obvious: The Bentley Bentayga is our least favorite Bentley. Its proportions are inelegant, its shape nondescript. Though we know it is hand-built in Crewe alongside the rest of the marque's wondrous new lineup, it lacks the specialness, a sense of occasion that should be endemic. This isn't just because it's a sport utility vehicle, and thus ostensibly utilitarian. The contemporary Range Rover, the Mercedes G-Class, and even the Rolls-Royce Cullinan all have the kind of gracious charisma that the Bentayga lacks, even if they deliver it in a manner that is louche and imperious. The Bentayga looks like a Bentley knockoff, a crossover tarted up with all of the relevant if superficial brand cues, but without the necessary substance. The plug-in hybrid only enhances this perception. Whereas other Bentaygas at least arrive with potent twin-turbocharged motors in V8 (542 horsepower ) and W12 (600 or 626 hp) configurations, the Bentayga Hybrid is granted only a 335-horsepower VW parts bin 3.0-liter, single-turbo V6, paired with 13 kWh of batteries in the trunk and a 126-hp electric motor. It accelerates to 60 mph in 5.2 seconds, well off the pace of its non-hybrid siblings and in the realm of its lesser platform-mate, the $70,000 Audi Q8 V6. This is not special. Even less special is the way in which the Bentayga Hybrid comports itself when accomplishing its tasks. A Bentley, by definition, is meant to be extraordinary, and this extraordinariness is meant to be effortless. Being in a Bentley should make everyday events special, and special events grand or even grandiose. Driving the Bentayga Hybrid feels like engaging with functional transportation. This is not because we are hostile to electric vehicles. We love electric vehicles, and their intrinsic and luxurious benefits in terms of silent operation and instant-on torque.