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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

2016 Bentley Bentayga First Drive [w/video]

There was once a barrier that separated our Arcadian, four-dimensional space from an uncanny cosmos where a $229,100 SUV makes irrefutable business sense. That wall is gone, and the Bentley Bentayga broke it. We're accustomed to powerful SUVs. The Mercedes-Benz G65 AMG makes the Earth weep on account of its 621 horsepower and 738 pound-feet of torque. The Bentayga is shy of those figures, with 21 fewer horses and 74 fewer pound-feet. We're also accustomed to quick SUVs; the Porsche Cayenne Turbo S hits 60 miles per hour in just 3.8 seconds. The Bentayga runs that race 0.2 seconds slower. And of course, we are accustomed to luxurious SUVs that fear no obstacle or load. The Range Rover Autobiography can swim its leathers and veneers through 35.4 inches of water, surmount nearly 12 inches when toiling off-road, and tow 7,716 pounds. The Bentayga can 'only' manage 19.6 inches of water, 'only' gets to 9.64 inches on its tippy toes, and is 'only' rated to tow 7,714 pounds. None of these facts are listed to harp on the Bentayga. It isn't Bentley's way to make rank by being the best in every category. Instead, the Crewe brand brings all the boys to the yard by merely being excellent across the board. The Continental GT isn't superlative at any one thing, but no other vehicle that can carry four people is as fast and as capable and as dynamic, and only Phantom-level Rolls-Royces can touch it for luxury. The Bentayga is not the Continental GT of SUVs, it is "the Bentley of SUVs." But here's an important clarification: The Bentayga is not the Continental GT of SUVs, it is "the Bentley of SUVs." The automaker describes the mission as, "driving, luxury, performance." The interior advances the current design language with a two-piece instrument panel – an upper portion that slides through the center console in a "U" shape, and a lower portion that connects the console to the center tunnel. Bentley poses this as a riff on its flying wing badge, but it actually comes from interior designer Darren Day's wish to fit an IP with a steeper rake. The size of an instrument panel is limited by the width of the door openings because the dashboard doesn't go in until after the body is welded together. Day wanted passengers to be able to rest their legs on the buttresses tying the IP to the center tunnel, but his one-piece design was too large to fit through the doors.

2020 Bentley Flying Spur spied winter testing in Europe

The current Bentley Continental GT made its debut about a year and a half ago at the Frankfurt Motor Show. The big British coupe was joined about a year later by a drop-top variant, but there's been little word on the four-door model, the Bentley Flying Spur. We saw some spy shots last May of the car testing at the Nurburgring, and today we have a new batch of the Flying Spur doing winter testing in Europe. We don't know when the car might debut, but don't rule out a surprise reveal at next week's Geneva Motor Show. The cars in these photos are nearly uncovered. That said, if you're not paying attention, you may not notice much difference. Bentley has taken the Porsche approach to design, evolving the same basic formula rather than issuing a ground-up redesign. The lighting has all been updated, with larger lenses both front and rear. The smaller secondary headlights have moved further out on the front fenders. The upper and lower grilles, too, are larger, taking up a majority of the front end. The profile is generally unchanged, though some of the lines appear to be a little sharper, giving the Flying Spur a more muscular appearance. Expect the 6.0-liter twin-turbo W12 to soldier on. In the Continental, the engine makes 626 horsepower and 664 pound-feet of torque. The Flying Spur should get a similar output. As on the coupe, expect a V8 and plug-in hybrid variant to follow in the next few years. Related Video: