While a Lamborghini SUV based on the recent Urus concept is yet to be given the green light for production, it’s widely accepted that a similar high-end SUV from Bentley, previewed by the EXP 9 F concept, is already close to having its final design signed off.

However, the latest reports coming out of Europe suggest both projects may have been put on hold in order to allow Volkswagen, parent company to both of the luxury firms, a chance to conserve cash in light of the current European crisis.

Reuters, citing unnamed sources, is reporting that VW may postpone the models as it reviews its spending in other crucial areas such as equipment and factory upgrades, as well as development of other higher volume models. The spending review is expected to be ratified by VW's supervisory board on November 23, the sources revealed.

In related news, it's likely fellow VW Group brand Bugatti will delay the launch of its new sedan based on the Galibier concept.

VW, like most automakers operating in Europe, is looking to cut production as inventories start to pile up. Until now, VW has been one of the best performers worldwide, but it appears even it can’t escape the affects of slowing sales in Europe.

So far VW’s sales in Europe have remained flat, with the eight-month tally coming in at 2.05 million sales. Total sales in Europe, however, have seen a 7.1 percent drop from last year, coming in at 8.27 million sales.

VW is reportedly looking to cut production by 300,000 units for the year, which will bring its worldwide annual production to 9.4 million units.

Stay tuned for an update.

Bentley EXP 9 F Concept live photos, 2012 Geneva Motor Show

Bentley EXP 9 F Concept live photos, 2012 Geneva Motor Show