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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

2018 Bentley Continental Supersports | More exciting than space travel

For the final song on their delightfully buoyant and mordant 1996 album This is a Long Drive for Someone with Nothing to Think About, Pacific Northwest indie rock band Modest Mouse penned an even more cynical response to David Bowie's already nihilistic ode to interstellar flight, "Space Oddity" The song imagines the life of a lonely female passenger on a flight to some distant lunar satellite, lost in post-gravitational anomie ("She's the only rocketeer in the whole damn place/They gave her a mirror so she could talk to her face.") Dreading the endless blankness of her voyage as much as the senseless achievement of reaching its destination, the unnamed woman wishes she could just read a dime-store novel and return home. It is titled, poignantly, " Space Travel is Boring." We recently visited the Kennedy Space Center in Cape Canaveral, Florida, NASA's literal launch pad for the Apollo missions and the Space Shuttle. Since there are currently no rockets going up, Space Florida's Shuttle Landing Facility did us the favor and allowed us to use the 3.5-mile-long runway built for the Shuttle — literally, the longest stretch of underutilized, perfectly straight, perfectly paved roadway in the world — for a series of automotive maneuvers. Our vehicle of choice was the $293,300 2018 Bentley Continental Supersports. This was decidedly not boring. The Supersports is an enhanced version of an already extremely potent vehicle. Featuring an upgraded crankshaft, torque converter, and turbochargers for more power and improved power delivery, the Supersports' 6.0-liter W12 engine produces an even 700 horsepower, and 750 lb-ft of torque. That makes this the most powerful and fastest Bentley ever made. Sixty miles per hour is dispatched in 3.4 seconds on the way to a maximum velocity of 209 mph. The largest carbon ceramic brakes of any production car come as standard equipment, as do carbon fiber hood vents, front splitter and rear air diffuser, side trim, and a planed long-board of a rear wing. Handsome 21-inch lightweight forged wheels are also part of the package, though, really, weight savings is almost irrelevant in this vehicle. The Supersports weighs over 2.5 tons, or about as much as one of the tread belt shoes on the diesel/electric crawler used to tug the 70-million-pound Space Shuttle and its boosters out onto Canaveral's runway. We were tugged out onto the runway as well, though in a slightly different fashion.

Bentley EXP 10 Speed 6 coming, but not before hotter CUV

Bentley appears closer than ever to giving the green light for production to the curvaceous EXP 10 Speed 6 concept, but expect to see a hotter, more stylish crossover before the coupe arrives in showrooms. During the Bentayga launch, company CEO Wolfgang Durheimer hinted that both models would be perfect additions to the luxury brand's lineup, according to Car and Driver. The EXP 10 Speed 6's shapely design received glowing reviews when Bentley unveiled it at the 2015 Geneva Motor Show, and customers prodded the automaker to manufacture the coupe. "We want to build on this and make it a reality," Durheimer told Car and Driver about the positive buzz, but the boss said he couldn't put a production date on the two-seater yet. Durheimer has made positive statements about the EXP 10 Speed 6's production chances before, but it might be 2020 before the coupe goes on sale because the company's board still needs to approve the model. Rumors suggest the possibility of an electric version with 400 to 500 horsepower from tech similar to the Porsche Mission E concept and a more traditional variant with a 600-hp twin-turbo V8. In the nearer term, we could get the first look at Bentley's high-performance crossover as a concept at the 2016 Geneva Motor Show in March, according to Auto Express. The model allegedly shares the Bentayga's platform but features a revised body with an arching, coupe-like roofline. The company would also add more power to the twin-turbo W12 to match the exterior's more aggressive look. Related Video: