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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

Bentley designer hints at even faster Continental GT3-R

Does Bentley have room in its Continental GT lineup for an even more extreme version than the new GT3-R? Luc Donckerwolke seems to think so. Speaking with Autocar, the Bentley design chief suggested that an even more performance-focused Continental GT could be in the works, potentially ditching the heavy all-wheel drive system in an effort to further reduce weight, improve handling and drop even more ticks off the 0-60 time that's already down to a best-yet 3.6 seconds in the GT3-R.
To borrow a page from the same playbook used not only by sister-companies Audi and Porsche but also by Renault and Jaguar (to name just a few), we'll tentatively call it the Continental GT3-RS. Whatever the name, though, power would likely come from an even more potent version of the 4.0-liter twin-turbo V8 co-developed with sister-company Audi. Considering that engine already produces 500 horsepower in the Continental GT V8, 521 hp in the V8 S and 572 hp in the GT3-R, we could be looking at as much as 600 horses to make it the most powerful V8 model to date. With that much juice, it would even eclipse some of the W12 models that start at 567 hp in the core Continental GT and range up to the 616 hp in the Speed, which currently ranks not only as the most powerful Conti yet, but also the fastest road car Bentley has ever made.
Donckerwolke says that Bentley has already sold the entire production run for the Continental GT3-R and that customers are already clamoring for something more focused. Younger buyers are likely to be even further drawn to the brand by the ne-plus-ultra Conti, especially if the racing team advanced from its current fifth place in the Blancpain Endurance Series standings.

Bentley Bentayga crossover prototype keeps on strippin'

The Geneva Motor Show is over, and the stunning EXP 10 Speed 6 concept has had its moment in the limelight. But now it's back down to business for Bentley. That means working on getting its new Bentayga crossover to market, and from these latest spy shots, it seems that's exactly what the British automaker is up to. Pictured here wearing less clothing than ever before, the Bentayga looks pretty darn near ready for its debut. The pre-production prototype even has its full leather seats in place, with plastic covers to protect them as the development drivers (like the one trying his darnedest to block the shots) do their thing. Of course there are still some parts hidden from view, with thin foil covering the headlights, taillamps and rear quarter windows. There's also something weird going on with those gills on the rear door. And the wheels are likely to be replaced as the rest of the trim is installed. But by and large, what you see here is what the production version is expected to look like, sans the polish. Related Video: