2012 Bentley Continental Gt-black/black-21chromes- Save!! on 2040-cars

Auto blog

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 to cut 1,000 jobs in Britain

Luxury carmaker Bentley is cutting about 1,000 jobs in the United Kingdom amid the ongoing coronavirus outbreak, the BBC reported late on Thursday. The cuts at the Volkswagen-owned brand are expected to be announced on Friday, according to the report. The carmaker is likely to offer workers the chance to take voluntary redundancy, the report added. Bentley, founded in the UK in 1919, has restarted production at its northern English Crewe factory, where it builds thousands of luxury models. However, the shutdown of its UK production due to the virus outbreak has hurt the company. Earlier on Thursday, Aston Martin, another luxury carmaker, said it planned to shed 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels. Volkswagen and Bentley did not immediately respond to a Reuters request for comment late on Thursday. Related Video:    

Is Bentley testing a hardcore Continental GT V8?

The Bentley Continental GT V8 is a darn good car. The GT V8 S, even more so. It's only logical, then that an even hotter Conti GT would be commensurately better. At least, we're hoping that's what the minds at Bentley's Crewe, UK headquarters were thinking when they dispatched this bewinged GT V8 to the Nürburgring.
This Conti GT stands out not only because of its wing, but because of its improved aerodynamics as a whole. A new front fascia, complete with a body-color lip spoiler is the big visual takeaway of this car's sportier intensions, while our spies claim this white whale rides on a lowered, firmer suspension.
The real question about this car has to do with its powerplant, though. What's under hood? The GT V8 S returns an impressive 521 horsepower while the base Conti W12 churns out 567 ponies, meaning there isn't a lot of wiggle room between what is currently the priciest V8 model and the cheapest twelve-cylinder car. The 4.0-liter, twin-turbocharged V8, though, is certainly capable of handling more than 521 hp, as Audi uses a 560-hp variant in the RS7. Our spies, meanwhile, suggest that this may merely be an even lighter version of the GT V8 S - maybe like an RS model - that is lighter and stiffer, but no more powerful.