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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 EXP 10 Speed 6 Concept is a British Racing Green dream [w/video]

"Oh, hey there Bentley EXP10 Speed 6. You're damn handsome." That, of course, was our reaction to seeing Crewe's latest concept under the lights of Geneva's Palexpo convention center after yesterday's debut. Finished in a gorgeous, heavily metallic shade of British Racing Green, the EXP 10 Speed 6 is, as we said yesterday, a truly different take on what we've come to expect from Bentley. It's low, featuring a classic long-hood, short-deck design that expands on the British luxury marque's traditional styling features. The egg-crate grille and quad headlights give the Speed 6 a face that is at the same time new and familiar, while the wide rear haunches bleed over the rear wheels and add to the car's svelte silhouette. The cabin, meanwhile, is absolutely striking. Open the swan-wing doors and aside from the tan quilted Poltrona Frau leather on the seats and doors, the aluminum accents on the steering wheel and shifter are the big aesthetic takeaways. The digital dash and tablet-like center stack are modern takes that Bentley desperately needs to implement in its production models, while the cockpit-like layout places a greater focus on the driver than even the more enthusiastic Continental GT. Take a look at our full gallery of live images of the new EXP 10 Speed 6 Concept above, and hope that Bentley sees the wisdom in putting this stunner into production. EXP 10 SPEED 6 - A VISION OF BENTLEY DESIGN AND PERFORMANCE MAR 2, 2015 Concept for sector-defining two-seater sportscar Futuristic Bentley design, a statement in modern British luxury Potential future model line (Crewe / Geneva, 2nd March 2015) Bentley Motors is showing the future direction of luxury and performance with the EXP 10 Speed 6 at the 2015 Geneva International Motor Show. The concept is a British interpretation of a high performance two seater sportscar using modern automotive design, highly skilled handcrafting, the finest materials and advanced performance technology. From the racing success of the company's early years to the international motorsport success of today, 'speed' is part of Bentley's DNA. This inspiration is expressed throughout the EXP 10 Speed 6, where iconic Bentley design cues are fused with progressive craftsmanship techniques and modern technologies. Copper elements are used as accents to both exterior and interior features to highlight the performance hybrid potential of the concept's advanced new powertrain.

You can buy the Queen's Bentley Mulsanne for $285,000

Want to feel like a king or queen driving around town? You'll want a Bentley. After all, the British automaker furnished the royal household of Queen Elizabeth II with the bespoke State Limousine, and delivered the very first new Bentayga to Her Majesty as well. But if you're keen to get a little closer to that sovereign feeling, might we suggest buying the Queen's own Bentley – namely, the Mulsanne you see here. Listed for sale on Auto Trader by a dealership in Surrey, this particular Bentley Mulsanne was reportedly used exclusively by the British monarch from 2012 to 2014. She's said to have used it during the Diamond Jubilee celebrations that marked her 60th year of reign four years ago, as well as for a visit to Prime Minister David Cameron's office at 10 Downing Street for his inaugural cabinet meeting. We wouldn't be surprised if she took over the wheel from her chauffeur from time to time, either. The Muslanne is said to have only 5,826 miles on the odometer – 5,000 of which was racked up in Her Majesty's service, secret or otherwise. On that note, there is no mention of 007-esque gadgetry or basic armoring you might expect from a head of state's car. Provenance aside, this being a Mulsanne, it's motivated by Bentley's ancient 6.75-liter V8, not the gauche 6.0-liter W12 or 4.0-liter V8 in the nouveau riche Continental. It's done up in classic dark green with a tan leather interior and walnut burr veneer trim, and can be yours for GBP199,850 – or $285k at today's exchange rates. Of course you could pick up a new one for not much more, but then you wouldn't be riding around in the Queen's own wheels, now would you? Related Video: Featured Gallery 2012 Bentley Mulsanne - ex-Queen Elizabeth II News Source: Auto Trader Bentley Car Buying Luxury Sedan bentley mulsanne queen elizabeth ii