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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

This Bentley Bentayga takes fly fishing very seriously

Bentley's Mulliner coachbuilding division has put together a kit for what we assume are maybe three Bentayga drivers that enjoy fly fishing. As the company tells it, the kit packs everything a fisherman could need for a successful day on the river right in the big soft-roader's cargo hold. It's packaged in the only Bentley that has a chance of getting you to that river, too. Mulliner's upholstery and trim expertise is on full display – everything in the kit is either covered in saddle leather with white contrast stitching or finished in Burr walnut. The four leather-wrapped tubes on the underside of the tonneau cover house the fishing rods, while the master tackle box, refreshment case, and a box for stowing waders and boots sit on the cargo floor. Mulliner loaded down the tackle box with tools, cotton, hooks, and feathers to tie flies, and it includes four reel cases milled from solid aluminum. The refreshment case doesn't actually come with refreshments, but it does have three metal flasks and a set of china tableware, plus a food storage compartment. The tackle box and refreshment case both slide out for easy accessibility, and if an owner is short on seating, the entire housing can serve as a small bench. The waterproof storage compartment is removable, too, in case you need cargo space instead of pole storage. The best thing about this kit is the lengths Mulliner went to in order to keep the rear of the vehicle dry and fresh – the floor is waterproof and there's an electronic dehumidifier to keep things from smelling funky. Bentley didn't say when the fly fishing kit will be available, and because this is an ultra-exclusive luxury car, pricing wasn't published. Related Video: Featured Gallery Bentley Bentayga Fly Fishing by Mulliner View 9 Photos News Source: BentleyImage Credit: Bentley Bentley Crossover Luxury bentley bentayga Mulliner

Bentley releases official Continental GT3 details [w/video]

It's been almost a year since we first laid eyes on the Bentley Continental GT3, but this race-bred Continental GT is finally ready to show off its moves. After debuting last year at the Paris Motor Show, the Continental GT3 makes its racing debut today at the Goodwood Festival of Speed before competing in the FIA Blancpain Series next year.
While Bentley released some of the car's details last month, we now have all we need to know about this car such as its curb weight of less than 2,866 pounds, its 4.0-liter twin-turbo V8 packing 600 horsepower and four-way adjustable suspension dampers. The exterior of the car stays true to the design of the Continental GT but has been given a once over to improve aero, and the interior has been stripped down to the bare essentials for racing. This doesn't mean that all luxury was thrown out the window, though, as the Continental GT3's steering wheel, door pulls and seat are all covered in hand-stitched leather. Scroll down for the official press release as well as a video showing the car in action.