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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 Bentayga officially revealed

The Bentayga is not only Bentley's first production SUV, but the fastest and most powerful one in the business. It's been a long time coming, but it's finally here. The Bentayga is not only Bentley's first production SUV, but the fastest and most powerful one in the business. Set to make its grand debut at the fast-approaching Frankfurt Motor Show, the all-new Bentley Bentayga is the redesigned successor to the EXP 9 F concept that debuted to lukewarm reception back at the 2012 Geneva Motor Show. The design bears all of Bentley's hallmarks, albeit applied to a taller form that shouldn't be unfamiliar to Range Rover owners. It certainly looks better than the original concept, but we'll reserve final judgment until we see it in person next week. Up front we find four round LED headlamps, the outer set taking an outline not unlike those we saw on the EXP 10 Speed 6 concept. Bentley says that rear haunch panel represents the largest single-piece aluminum pressing in the industry – said another way, it allows the Bentayga to be 520 pounds lighter than a non-aluminum construction. Glass panels account for nearly 60 percent of the roof's surface, and a hands-free tailgate gives access not only to a large cargo bay, but a folding seat for enjoying the view wherever the ultra-luxe sport-ute takes you. The Bentayga will get you there in a hurry, too, thanks to a powerful W12 engine. It's got both direct and indirect injection, cylinder deactivation, and a stop/start system with coasting mode. The net result is an output quoted at 600 horsepower and 663 pound-feet of torque. Mated to an eight-speed automatic transmission and all-wheel drive, this engine will rocket the Bentayga to 60 miles per hour in four seconds flat and on to a top speed of 187 miles per hour. It's the fastest production SUV in the world. Bentley intends to launch a seven-seat version, a higher performance Speed model, and more efficient diesel and hybrid variants. The Bentayga also features a four-mode adjustable air suspension, electronic active roll control, and electric power-assisted variable steering. It's also got predictive, adaptive cruise control, traffic sign recognition, rear crossing traffic warning, hill descent control, around-view monitor, and available park assist, electronic night vision, and head-up display systems. The driver controls everything via a large dial in the center console, which also handles drive modes and traction management.

Bentley Flying Spur V8 S solves the ultimate First World problem

Here's a First World problem if we've ever seen one: You want to get a Bentley Flying Spur, but you can't decide which engine. Well, Bentley has just made your decision even harder by introducing another new version. But we'll make it easier on you by telling you that this is the one you want. Slotting in between the existing V8 and W12 versions of the four-door Continental is the new Flying Spur V8 S. It packs the same 4.0-liter twin-turbo V8 as the base model, but augmented to 521 horsepower. That puts it on par, as you might have guessed, with the Continental GT V8 S coupe. It also puts it closer to the 500 hp of the standard V8 than the 616 hp of the 12-cylinder model, but with less weight in the nose, it promises to handle better. With 590 pound-feet of torque channeled to all four wheels through an eight-speed automatic transmission, the middle child of the Flying Spur range will rocket to 60 in just 4.6 seconds – 0.3 quicker than the base model – and top out at 190 miles per hour. Despite weighing nearly 5,500 pounds, though, features like cylinder deactivation and high-pressure direct injection mean it will still travel for 520 miles before needing to top up and return as much as 20 miles per gallon on the highway by our own EPA standards. Of course it's a Bentley, and it encompasses all the pampering luxury and status-symbol clout associated with the badge. But if you're looking for the luxury sedan you can push through the corners and rocket down the highway – and have the means to acquire one – your new ride may have just arrived. Look for it to make its debut mere weeks from now at the Geneva Motor Show. BENTLEY FLYING SPUR V8 S: THE SPORTING SIDE OF LUXURY - World's most refined V8 performance sedan gets even more power and torque - Outputs increase to 528 PS and 680 Nm; 0-100 km/h time just 4.9 seconds with a top speed of 306 km/h - Revised suspension offers improved body control and handling without sacrificing comfort - Black radiator grille, rear diffuser and new grille insert give V8 S a dramatic and purposeful appearance - Unique exterior colours and interior trim options - New Flying Spur V8 S makes debut at Geneva International Motor Show, 1 to 13 March (Crewe, 17 February 2016) Bentley Motors is today announcing the introduction of a new model to its range – the Flying Spur V8 S.