2007 Bentley Continental Gtc 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 rolls out special Birkin edition Mulsanne in Europe

While focus in the automotive industry this week is undeniably on the Detroit Auto Show and the North American market, Bentley has introduced a new special edition overseas based on the Mulsanne.
Named after Sir Henry "Tiger" Tim Birkin, one of the legendary Bentley Boys of the 1920s and '30s, the Mulsanne Birkin Edition upgrades on Crewe's flagship limousine with some unique touches. Available in Ghost White, Damson burgundy or a two-tone Fountain Blue and Dark Sapphire paintjob, the Birkin Mulsanne features unique 21-inch wheels, special tread plates, a unique Flying B logos stitched into the headrests and inlaid into the dashboard and rear picnic tables.
Each of the 22 examples to be made will also come with a custom luggage set and comes standard with the optional Mulliner Driving Specification and upgraded entertainment system with twin 8-inch LCDs in the seatbacks, DVD player, wifi hotspot, Naim audio system and integrated iPads. Bentley hasn't announced pricing for the special European model, but if there were ever an example of "if you have to ask, you can't afford it," surely this is it.

Luc Donckerwolke named Director of Design for Bentley

Bentley has announced Luc Donckerwolke will take over as the automaker's Director of Design. Donckerwolke started with Volkswagen in 1992 as a designer for Audi. Since then, he's worked with Škoda, Lamborghini and Seat in various design roles. His resume includes helping sketch out both the Lamborghini Murciélago and Gallardo among other notable models.
The designer steps into the vacancy left by Dirk van Braeckel, who has moved on to work with Volkswagen Group design under Walter de Silva.
As you may recall, van Braeckel is responsible for a number of Bentley's most successful models, including both the Continental GT and the Mulsanne. He joined the ultra luxury automaker in 1999. You can take a look at the official announcement below for more information.