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Bentley CEO Adrian Hallmark explains carmaker's situation and plan for recovery

In August, we posted on some of the issues plaguing Bentley at the moment, namely the large loss the carmaker's posted this year. The same Autocar piece we referenced, carmaker CEO Adrian Hallmark said Bentley would not be making more sports cars. Bentley wrote to us to clarify that a single year's loss isn't a calamity, that "it is a mistake to suggest that sports cars are the same as GTs," and that the brand "will continue to design, engineer, and craft" GT cars. We must note, though, that at the time, Hallmark himself said, "The sports car sector – like our own...." More recently, Hallmark expounded on some of the factors slowing the company down this year, from delayed launches to exchange rates. Through the first nine months of the year, Bentley sold 6,654 units, an 11 percent decline from the 7,498 units sold through the first nine months of 2017. In addition to other matters like huge investments in new technologies, that helped the Crewe carmaker to a $44.7-million year-over-year drop in revenue, and a $156-million overall loss, compared to a $35 million profit over the same period last year. On top of declining sales overall, the nine-month delay in launching the Continental GT, the brand's second-best seller, was the first of two big issues causing red finances. Hallmark said the Continental GT "just wasn't ready for launch. But we'd paid for it – we'd paid all the money out, but not got any money back in." Having got that sorted, the second issue arose: WLTP certification. Unlike the New European Driving Cycle (NEDC) before it, the Worldwide harmonized Light vehicles Test Procedure requires every model variant get tested for certification. Hallmark told Automotive News Europe, "We were not quick enough unfortunately to book capacity or prioritize our derivatives within some of the group processes to get them certified on time." Bentley wasn't alone in this; Volkswagen had only managed to get seven of its 14 models approved by September 1 when the WLTP rules took effect. Bentley's much smaller scale exacerbated the problem, turning the situation "close to catastrophic." Hallmark said the snafu robbed the Bentayga of 300 to 400 sales - a gigantic number with respect to a $200,000 vehicle - and pushed the Bentayga plug-in hybrid launch back to March 2019 so Bentley could get volume models certified. Furthermore, preparing for Brexit hasn't been easy on any of the UK's manufacturers.

Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

2017 Bentley Mulsanne defines the latest in handcrafted luxury

It takes 144 craftsmen roughly 399 hours to build a Bentley Mulsanne. In today's world of automation and just-in-time parts delivery, such statistics sound ridiculous. But this old-school approach to vehicle assembly earns this beast its status as Bentley's flagship. It takes about a third of that time to assemble a Continental GT, for instance, which is one reason the Mulsanne is so expensive. It's also why Bentley moves more than five Continental models for every Mulsanne it sells. Bentley has a brand-new crown jewel coming soon to dealerships as a 2017 model, and it will debut next week at the 2016 Geneva Motor Show. An Extended Wheelbase version joins the base Mulsanne and the Speed, pushing the lineup to three for the first time. Although Bentley officials take pride in the fact they are the largest producer of 12-cylinder engines in the world, the Mulsanne continues to soldier forth with the long-serving 6.75-liter V8. While this L-Series engine traces its roots all the way back to 1959, as evidenced by its cam-in-block overhead-valve design, it's been fully modernized with electronic controls and twin turbochargers. The result is 505 horsepower and 752 pound-feet of torque (or 530 hp and 811 lb-ft in the Speed), routed through a ZF eight-speed automatic transmission to the rear wheels. This is the same engine that has powered flagship Bentleys since 2010, and it's effortlessly capable of pushing the Mulsanne from 0-60 in 5.1 seconds and all the way up to a top speed of 184 miles per hour. The upgraded Mulsanne Speed improves those figures to 4.8 seconds and 190 mph. That's plenty of performance for this kind of vehicle, weighing as it does nearly 6,000 pounds. With that kind of power and heft, a solid chassis is a must. Active engine mounts join new suspension bushings for 2017, and the air suspension system has been updated. Continuous Damping Control and a Drive Dynamics Control System with three factory and one custom setting are standard. Also new are tires codeveloped with Dunlop that have foam-filled cavities to reduce interior cabin noise. Where the styling of the outgoing Mulsanne is smooth and stately, the new one is more angular and modern. At the front, the traditional upright grille remains, but it's over three inches wider than before, and is slatted with vertical vanes in polished stainless steel that are meant to recall Bentley classics from the 1930s.