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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

Bentley recalls 27,640 Continental, Flying Spur models

Even the world's most luxurious automakers aren't immune to recalls. Bentley is proving this point with a campaign on 27,640 of its posh models worldwide for a loose battery cable connection, Reuters reports. The problem affects all examples of the Continental GT, GTC, and Flying Spur with build dates between February 2011 and June 2014, and there are 7,778 of them in the US, according to company spokesperson Erin Bronner to Autoblog. "On a limited number of cars, a bolted connection for a battery cable joint could be loose where it passes through the front bulkhead," Bentley said in a statement. According to Bronner, there were four incidents were this electrical joint overheated, but there have been no reports of any injuries. As a repair, dealers will install a new connection system, which will take around two hours. Scroll down below for the entire statement. Related Video: Bentley Statement: Bentley Motors is conducting a precautionary voluntary recall of all Continental GT/GTC/Flying Spur and new Flying Spur models built between February 2011 and June 2014. On a limited number of cars, a bolted connection for a battery cable joint could be loose where it passes through the front bulkhead. To address this, we will replace the components with a new connection system for all vehicles, which will take approximately two hours per car. All Bentleys built outside of these dates, and all Mulsanne models, are unaffected. The safety of our customers is Bentley's foremost priority and we pride ourselves on the highest standard of quality and service. We are working quickly to ensure that all vehicles are checked and resolved efficiently and effectively. Customers are being contacted by their local Bentley dealer to arrange an appointment. This is a voluntary recall and is in no way connected to any other recalls from other automotive manufacturers.

Bentley Continental GT3-R is a limited-edition racer for the street

Limited to just 300 examples worldwide, Bentley's new GT3-R is set to bring a bit of the brand's motorsports pedigree to the street. After all, the Flying B recently took the win at the Blancpain Endurance Series at Silverstone with its new Continental GT3, less than one year after the big racer's debut.
Like the road-going Conti GT, the GT3-R uses a twin-turbocharged 4.0-liter V8, tuned in this application to 572 horsepower and 516 pound-feet of torque - increases of 51 hp and 14 lb-ft from the already potent GT V8 S. That's enough to get the 4,839-pound Bentley to 60 miles per hour in just 3.6 seconds, on its way to a top end of 170 mph.
To make the GT3-R more hardcore than standard Continentals, the air suspension has been retuned, the brakes have been upgraded with carbon silicon discs, and there's a titanium exhaust that's good for 15 pounds of weight-savings - in all, the GT3-R is some 200 pounds lighter than a comparable GT V8 S.