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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

Best of 2016 | The List

The List hosts Jessi and Patrick spent all of 2016 checking awesome adventures off their automotive bucket list, from escaping a car dangling off a cliff, to taking part in The Great Race road rally. In total, our hosts checked 12 challenges off Autoblog's list of "1,001 car things to do before you die," taking them on travels across the United States and the United Kingdom. Check out some highlights from the season as our hosts drive everything from the super modern to the refreshingly classic, and even take their lives into their own hands all for the sake of completing the ultimate car enthusiast's bucket list. As we look ahead to 2017, be sure to send us your automotive bucket list items. Who knows, maybe your submission will inspire Jessi and Patrick's next escapade. Click here to find more episodes of The List Click here to learn more about our hosts, Jessi and Patrick Aston Martin Bentley Land Rover McLaren The List Videos

Bentley has built more than 20,000 Bentaygas in four years

It might not feel like it, but Bentley has been building an SUV for four years now. The Bentayga was introduced in 2015 and entered production at the beginning of 2016. Since then, the model's lineup has expanded to a range of six variants and numerous powertrain options. In total, Bentley has built more than 20,000 examples of the Bentayga, and demand does not appear to be dropping.  Like Rolls-Royce, Lamborghini, and Aston Martin, Bentley turned to the crossover and SUV market for a bump in sales, and the Bentayga has been a brand MVP ever since. Buyers have the choice between the Bentayga, Bentayga V8, Bentayga V8 Design Series, Bentayga Speed, Bentayga Diesel, and Bentayga Hybrid, as to ensure there's something for every type of buyer.  The launch powertrain in the Bentayga was a twin-turbocharged W12. It made a claimed 599 horsepower and 664 lb-ft of torque. At full blast, it is capable of running 0-60 mph in 4.0 seconds and tops out at 187 mph. Bentley topped those impressive numbers with the release of the Bentayga Speed. It too used a twin-turbocharged W12, but on those models, it made 623 horsepower. With a top speed of 190 mph, Bentley claims the Speed is the fastest SUV in the world.  Downgrading in engine size and power, the Bentayga V8 was unveiled in 2018 with a twin-turbocharged 4.0-liter eight-cylinder engine. It makes 542 horsepower and 568 lb-ft of torque, and with the foot to the ground, it can do the 0-60-mph scoot in 4.4 seconds. Top speed is capped at 180 mph. Bentley offers a Bentayga V8 Design Series for those searching for a more specialized look.  The other two options are the hybrid model or the diesel model. The diesel, which is not available in the U.S., has a triple-charged 4.0-liter V8 that produces 429 horsepower and 664 pound-feet of torque. The plug-in hybrid, Bentley's first foray into brand electrification, combines a 17.3 kWh lithium-ion battery pack, an electric motor, and a V6 engine. Together, the system makes a claimed 443 horsepower and 516 lb-ft of torque.   If those versions of the Bentayga were too bland, Bentley has also offered several special-editions of the questionably designed luxury off-roader. There was the Pikes Peak edition that commemorated the Bentley setting the Pikes Peak SUV record. There was a Stetson edition with Texas flair. And we can't forget our personal favorite: the Bentley Bentayga Falconry by Mulliner. Related Video: