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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 putting Mulsanne-based Azure, Brooklands back on the table [w/poll]

Big plans are afoot at Bentley. The quintessentially British automaker has just about signed off on the final version of its new SUV, and will surely roll out more versions of the Continental in the coming years, but that's not all. It's said to be considering a new sports coupe smaller than the Continental GT, but the latest reports coming in from the UK suggest that it also has plans for the Mulsanne's platform.
Currently, the Mulsanne is only available in one configuration, but Bentley is widely expected to be bringing a new, more powerful Mulsanne Speed to the Paris Motor Show this fall with around 550 horsepower. That's not all, however, as word comes in that the Flying B marque is planning to re-introduce both the Azure and the Brooklands as competitors to the Rolls-Royce Phantom DHC and Phantom Coupe, respectively.
For those who don't remember, the Azure and Brooklands were a pair of two-doors based on the Arnage that preceded the Mulsanne at the top of Bentley's range. The Azure was a convertible and the Brooklands a fixed-roof coupe, both of them larger than the Continental GT and powered by the company's evergreen (yet decidedly un-green) 6.75-liter V8.

Bentley names new CEO for the Americas

Bentley has announced a shift in its upper ranks that will see Michael Winkler take the reins as head of its operations in the Americas. A longtime sales executive and regional manager, Winkler has worked for Porsche in locations around the world, and comes to Bentley from his previous position as director of Australian operations for Jaguar Land Rover. In his new capacity as president and CEO of Bentley Motors Inc. – the office responsible for handling the brand's operations across the Americas – Winkler will report to Kevin Rose, the Bentley board member for sales and marketing. Winkler succeeds Christophe Georges, who moves back to the head office as director of product and marketing. The British automaker has 53 dealerships across the Americas, accounting for 29 percent of its global sales last year. Its American operations are based at 2200 Ferdinand Porsche Drive in Herndon, VA. MICHAEL WINKLER NEW PRESIDENT AND CEO OF BENTLEY MOTORS INC. (Crewe/Herndon 26th January 2015) Bentley Motors today announced that Michael Winkler will become President and Chief Executive Officer of Bentley Motors Inc., the regional office for Bentley Motors in the Americas, with effect from 1st April 2015. He succeeds Christophe Georges, who was recently appointed Director of Product and Marketing for Bentley's global organisation. Winkler will report directly to Kevin Rose, Bentley's Member of the Board for Sales, Marketing and Aftersales. Rose commented: "The Americas region plays a key part in Bentley's global success, our biggest market with more Bentley customers than anywhere else in the world. I am delighted to welcome Michael to Bentley, and look forward to working with him to drive our brand and network presence further." Winkler has more than 30 years of experience in the automotive industry, holding a number of international positions, working with Porsche in Germany, North America and Australia, and joins Bentley from Jaguar Land Rover, where he held the position of Managing Director of the company's Australian division. The Americas remained Bentley's number one market throughout 2014, closing the year delivering 3,186 cars, up from the 2013 number of 3,140. This accounted for 29% of total global deliveries. There are 53 Bentley dealerships throughout the Americas, with the corporate headquarters based in Herndon, Virginia.