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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

2023 Bentley Bentayga Road Test: 'Airline' spec is the way to travel

After nearly a week rolling around town in the 2023 Bentley Bentayga, enjoying its power, comfort and the ability to make a grand entrance basically anywhere, it dawns on me that I’m doing this wrong. Yes, the V8 is great, but of course it is. The story is in the back seat. IÂ’m testing an extended wheelbase Bentayga Azure First Edition outfitted with the Airline Seat Specification. ItÂ’s business class, plain and simple. As darkness falls, I make up a cheese plate and head to the backseat, placing my charcuterie on the veneered picnic trays below the 10.1-inch screens. Leaning back on the pillowy headrest, I feel like IÂ’m about to settle in for a cushy trans-Atlantic flight. ThereÂ’s so much room. The wheelbase extends 7 inches beyond the standard Bentayga and thereÂ’s enough space to do calf stretches. The First Edition offers Diamond Illumination on the door panels and the purple ambient lighting casts a royal glow. ItÂ’s not as dramatic as the Starry Night Sky in the Rolls-Royce Cullinan, but with 22 LEDs shimmering through leather perforations, it is rather cosmic.  The Airline spec seats are the other part of the BentaygaÂ’s charm, with 22 possible ways to calibrate positions. Sure, you can cue up any number of massages, but you can do that in many Jeeps. BentleyÂ’s seats also offer a Postural Adjustment System that is said to apply up to 177 pressure changes over a three-hour period to keep you comfy. Dialing into work meetings with my feet up, I enjoyed it, mostly. I didnÂ’t stay there for three hours, but for my roughly one-hour stint, the adjustments were generally appreciated (I could have updated my Google calendar location to ‘BentleyÂ’, but that seemed pretentious). The cupholders are solid, too. Bentley moved the sunroof back about 5 inches to further focus on the rear passengers, and itÂ’s an airy setting, especially when reclined. ThereÂ’s also an auto climate function that adjusts the surface temperature. After playing around with the many settings, I eventually found the one that pushed the front passengerÂ’s seat all the way forward, a footstool extended down and I leaned back for a brief rest.  Different Bentayga EWB pictured So I did actually drive a Bentley for a week, and it offers a certain gravitas both in motion and at rest. The 4.0-liter twin-turbo V8 supplies plenty of power to the tune of 542 hp and 568 lb-ft of torque, and it will get you and your passengers to 60 mph in 4.5 seconds, should the need arise.

You can buy the Queen's Bentley Mulsanne for $285,000

Want to feel like a king or queen driving around town? You'll want a Bentley. After all, the British automaker furnished the royal household of Queen Elizabeth II with the bespoke State Limousine, and delivered the very first new Bentayga to Her Majesty as well. But if you're keen to get a little closer to that sovereign feeling, might we suggest buying the Queen's own Bentley – namely, the Mulsanne you see here. Listed for sale on Auto Trader by a dealership in Surrey, this particular Bentley Mulsanne was reportedly used exclusively by the British monarch from 2012 to 2014. She's said to have used it during the Diamond Jubilee celebrations that marked her 60th year of reign four years ago, as well as for a visit to Prime Minister David Cameron's office at 10 Downing Street for his inaugural cabinet meeting. We wouldn't be surprised if she took over the wheel from her chauffeur from time to time, either. The Muslanne is said to have only 5,826 miles on the odometer – 5,000 of which was racked up in Her Majesty's service, secret or otherwise. On that note, there is no mention of 007-esque gadgetry or basic armoring you might expect from a head of state's car. Provenance aside, this being a Mulsanne, it's motivated by Bentley's ancient 6.75-liter V8, not the gauche 6.0-liter W12 or 4.0-liter V8 in the nouveau riche Continental. It's done up in classic dark green with a tan leather interior and walnut burr veneer trim, and can be yours for GBP199,850 – or $285k at today's exchange rates. Of course you could pick up a new one for not much more, but then you wouldn't be riding around in the Queen's own wheels, now would you? Related Video: Featured Gallery 2012 Bentley Mulsanne - ex-Queen Elizabeth II News Source: Auto Trader Bentley Car Buying Luxury Sedan bentley mulsanne queen elizabeth ii