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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

2024 Bentley Flying Spur and Continental GT upgraded with small luxuries

Incremental changes to three of Bentley's 2024 offerings are claimed to bring "harmony" to the Azure, S, and Speed trims across the model lineups. As a refresher, Azure signals the variants that go beyond Bentley's traditional obsessive luxury to cater to wellbeing and comfort. The S and Speed are all about performance. Starting with the 2024 Continental GT and 2024 GTC Azure, the duo look to the Bentayga Extended Wheelbase Azure for a front fascia revision. These include wearing a new "vertical vane grille" that places "bright chrome vertical vanes in front of a black mesh grille." Those are Bentley's words describing what are effectively two grilles. Only one can be seen from afar, though. Down below, the Flying Spur Azure donates its wheel design, the 22-inch, 10-spoke black painted and machined hoop becoming the standard fit for both Continentals. Inside, the 2+2 models upgrade to a new lofted quilting pattern for the leather, and even more sybaritic deep-pile, 100% wool, Wilton overmat carpets. On the Speed side, their grille changes from vertical vanes to a matrix mesh harking back to pre-war models like the Bentley Blower. Exterior jewelry such as the grille surrounds and inserts, and the brightwork along the lower doors, can be optioned in Granite Grey. This will make the Blackline package look even meaner. And opening the doors reveals a new diamond-in-diamond stitch pattern for the cabin leather.  For the all Bentleys, the new exterior color Topaz Blue joins a palette that is already effectively infinite. Inside, the dark tint aluminum technical finish first seen on the Bentayga comes to the instrument panel and waistrails of the Flying Spur and Continental GT, the finish being an abstract representation of the crosshatched lines from the matrix grille. Finally, the nylon carpeting underneath the floor mats will be made from 100% recycled nylon instead of virgin nylon.

If VW defaults on loans it may sell Bentley or Lamborghini

If something goes catastrophically wrong with Volkswagen Group's recent $21 billion loan, brands like Bentley or Lamborghini could hit the auction block. According to two insiders to Reuters, the beleaguered German automaker agrees with its creditors to sell assets if the company somehow can't pay back the debt in a year. One of these anonymous people claimed the company hasn't yet deliberated over what to sell. However, the sources were willing to speculate that the power engineering portion of Man could be among the first to go. "Volkswagen may also consider divesting luxury car brands Bentley and Lamborghini or motor bike brand Ducati, although these units don't really move the needle," an insider said to Reuters. VW Group negotiated with the banks earlier this week to get the massive loan. The cash is necessary as a buffer in case the automaker doesn't have enough money on hand to repair vehicles or settle upcoming fines. VW would reportedly issue bonds in the spring to begin paying the debt. The company's bills will start racking up quickly in the new year. German authorities mandate a recall there in early 2016, and repair campaigns in the US for the 2.0- and 3.0-liter diesel engines are inevitable. There are also hundreds of class-action lawsuits to settle. The company needs to resolve its CO2 emissions scandal in Europe, too. In response to these financial threats, VW management created a cost-cutting plan to slash the research and development budget by $1.1 billion next year.