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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 Mulsanne Speed First Drive

You can hear it loud and clear – that is, the sound of nearly nothing at all – when hurtling along at 160 mph. The quiet part isn't surprising; after all, this is a $300,000 ubersedan. But the speed? The sensation is disarming and utterly intriguing. It's safe to say that three tons of mass have no right to move through space so effortlessly. Welcome to the latest ultraluxe, four-wheeled hyperloop from Bentley. In case you missed the engraved announcement, the Mulsanne is the higher-priced, handcrafted flagship that plays big brother to the Flying Spur, the (relatively) more ubiquitous sedan that shares a good amount of parts with the Continental GT. Imagine the snooty older sibling that studied at Wharton, wears tailored suits to breakfast and an ascot to supper, and dangles a pipe from the corner of his mouth, and you've got a good idea of what distinguishes the more finely finished Mulsanne from its stablemate. Not only does a base Mulsanne command a $100,000 premium over the Spur, it's a more laboriously assembled specimen that takes a staggering 400 man-hours to build. Unlike the Spur, whose top model boasts a W12, the Mulsanne is powered by a 6.75-liter pushrod (!) V8. Less is usually less in this stratospheric segment, but this humungous eight-cylinder has a history stretching back six decades – precisely the sort of tweedy legacy stuff that appeals to old money. This is the last Bentley to use this engine, and it will be replaced by a new twelve-cylinder. For 2017, the big, bad platform reaps its first significant series of updates since its 2009 debut (the Speed variant was introduced 18 months ago). Upgrades to the Mulsanne were focused on refinement, among them a smoother ride, revised styling, an updated interior, and yes, a quieter cabin. Despite its undercurrents of old-world opulence, the Mulsanne's face has been modernized with flusher features, LED headlamps, and a wider grille. Though it retains the delightfully anachronistic Flying B hood ornament, the winged capital letter can now be ordered in a refreshingly modern smoked black hue. Mean. Revisions at the rear include a redesigned bumper and subtle Bs incorporated into the tail lamps. Inside, new seats with revised foam offer greater comfiness. Perhaps more notably, the infotainment system gains a much-needed upgrade with an 8-inch touchscreen, a 4G LTE WiFi hotspot, and Apple Carplay functionality (for front passengers).

Bentley doubles down on diesels with a triple-charged Bentayga

Volkswagen Group isn't totally giving up on diesels. While its flagship VW brand is clearly tarnished, the ultra-luxury Bentley division just revealed plans for its first oil-burner, a triple-charged 4.0-liter V8 that produces 429 horsepower and 664 pound-feet of torque. If the powertrain sounds familiar, that's because it's the same one found in the Audi SQ7 TDI. It's a clever system capable of giving what Bentley claims as the world's fastest diesel SUV a top speed of 168 miles per hour and a zero-to-62 mph time of 4.8 seconds. The SQ7 TDI can get to 62 mph in the same time, but is electronically limited to 155 mph, because it wouldn't make sense if the cheaper SUV could outperform the much more expensive one. The Bentayga also emits the lowest CO2 output of any Bentley and has a range of over 621 miles on one tank. Despite having a curb weight of 5,269 pounds, Bentley claims the Bentayga can get a combined rating of 35.8 mpg on the European cycle. The Bentayga Diesel may not be as powerful or as fast as the W12-powered model, but it's a lot more fuel efficient as the latter achieves a combined rating of 21.6 mpg on the European cycle. Other than the new engine, the Bentayga diesel is nearly identical to its gasoline-powered twin except for some discreet "V8 Diesel" badges on the front doors, a new exhaust outlet design, and a black grille. A Bentley spokesperson confirmed that the Bentayga diesel would not be sold in the US. And since Bentley won't be at this year's Paris Motor Show, don't get your hopes up on spotting the vehicle there. The diesel-powered SUV will go on sale in Europe early next year, which will be followed by its release in Russia, South Africa, Australia, New Zealand, and Taiwan. Pricing for the SUV has not been announced yet. Related Video: Featured Gallery 2018 Bentley Bentayga Diesel View 20 Photos News Source: BentleyImage Credit: Bentley Green Audi Bentley SUV Diesel Vehicles Luxury Performance bentley bentayga