2005 Bentley Arnage Red Label on 2040-cars

Auto blog

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

40+ cars that barely avoid the gas guzzler tax

The Gas Guzzler schedule, with mpg ratings and charges that haven't changed since 1991, lays out which fuel-swillers owe what to Uncle Sam.
I started thinking about the "Gas Guzzler Tax" - considerably less well known as The Energy Tax Act of 1978 - when I was driving Dodge's new Challenger SRT Hellcat last week. Unsurprisingly for a car that can burn 1.5 gallons of gas per minute at max tilt, theoretically able to empty a full tank of premium in about 13 minutes, the Hellcat will be subject to the Gas Guzzler Tax schedule when it goes on sale.

2022 Bentley Flying Spur First Drive Review | Purple reign, purple reign

MALIBU, Calif. – When I first moved to New York City in the early 1990s, two careers before I became an automotive writer, I worked as a preschool teacher in Brooklyn. I rode my bike to work from Manhattan each day, over the Brooklyn Bridge, one of the most bountiful opportunities for car-spotting in a city with the nationÂ’s lowest rates of automobile ownership. The most notable vehicle I saw regularly was a stately and very violet Bentley sedan. The only thing more outrageous than its Azure Purple exterior color, and the distinctive rumbling of its signature 6.75-liter V8, was its vanity license plate. Seeming to signify that its owner was a proctologist or gastroenterologist, it read, MD TUSH. As I drove that car's descendant, an excessively purple Bentley Flying Spur Hybrid, I couldnÂ’t stop thinking of MD TUSH, whomever they were. Their flash. Their panache. Their dedication to being seen – even from the elevated bike path of New York's original suspension bridge. One could argue that this is part of the job of an occasion car like this, a $204,000 (base price) sedan that is as long as a Chevrolet Tahoe. It is supposed to make an impact. So it's counterintuitive that the Flying Spur Hybrid always starts off in EV Drive mode, which prioritizes the sole use of the rechargeable 14.1 kWh lithium-ion battery pack. It decidedly does not make an impact. I suppose that one cannot discount the element of surprise. But in that mode – one of three accessed through a metal button on the center consoleÂ’s button-resplendent surface – the big four-door skulks off with eerie silence, and will continue to do so for about 25 miles on the European WLTP cycle (EPA certification has not yet been completed, but it will likely be lower than the EU number), whereupon it needs 2.5 hours to charge with a fast charger of unspecified voltage via a conspicuous port on the left rear fender. As a preview of BentleyÂ’s promised all-electric future – which will begin with its first fully battery powered-vehicle in 2025, en route to a full-line voltaic conversion by 2030 – the Flying Spur has some allure. With its silence, thrust, and uncanny eeriness, electric power suits ultra-luxury limousines.