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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

Autoblog Podcast #417

Episode #417 of the Autoblog Podcast is here, and this week, Dan Roth, Steven Ewing, and Brandon Turkus talk about what we're expecting to see at the upcoming 2015 Chicago Auto Show that kicks off on February 12. Of course, the podcast starts with what's in the garage and finishes up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #417 The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics 2015 Chicago Auto Show In The Autoblog Garage 2015 Bentley Continental GT Speed 2014 Ford F-150 Tremor Long-Term 2015 Volkswagen GTI Long-Term 2014 Jeep Cherokee Hosts: Dan Roth, Steven Ewing, Brandon Turkus Runtime: 01:25:53 Rundown Intro and Garage – 00:00 Chicago show – 27:37 Q&A – 47:27 Get The Podcast UStream – Listen live on Mondays at 10 PM Eastern at UStream iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show in iTunes

2020 Bentley Continental GT plug-in hybrid spied undisguised

While at first, and even second glance, the Bentley Continental GT in the photos looks pretty unremarkable. In every sense, it's just a normal example of the latest Continental GT. On that third glance, though, you'll notice one extremely subtle detail that's off: it has a second fuel-filler door. That leads us to believe that Bentley has a plug-in hybrid version of the Continental GT on the way, and it's almost ready for production. And when we say this is a subtle change, we mean it. Unlike many PHEVs that have both filler doors on one side, this Bentley has one door per side. So from the side, there's nothing to tip you off to the strange addition. You can only notice the extra door from the rear, which shows both doors on the tops of the rear fenders. Either that, or you would have to know that the regular Continental GT's gasoline fuel door is on the right side of the car, not the left. As for what sort of hybrid powertrain is in this Continental GT, we would suspect it's the same as that in the Bentayga Hybrid revealed at the Geneva Motor Show earlier this year. It uses a turbocharged 3.0-liter V6 with an electric motor. Power and fuel economy haven't been announced for that powertrain, but Bentley says it is capable of driving the big SUV for 31 miles on a charge on the European cycle. We would expect the lighter, more aerodynamic Continental GT could probably eke out a few more mpg with the same setup. Considering that this test car was completely undisguised, and that it will likely use an existing powertrain, we expect this hybrid Bentley to be officially revealed soon. An announcement early next year with sales coming later that year seems plausible. Related Video: Featured Gallery 2020 Bentley Continental GT plug-in hybrid spy shots View 11 Photos Image Credit: CarPix Green Spy Photos Bentley Coupe Hybrid Luxury Performance bentley hybrid