2004 Bentley Arnage T on 2040-cars

Auto blog

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

The Windsor Castle Concours d'Elegance in pictures, courtesy of Bentley

Bentley went to the Windsor Castle Concours of Elegance as the main sponsor and showed off six of its best among the gathering of "60 of the finest motor cars in the world," including the 4¼-liter Bentley 'Embiricos' Special built for a Greek shipping magnate and gentleman racer in the 1930s.
Even better, for us at least, is that when Bentley decided to capture the moment it took pictures of most of the metal on the lawn, not just the Bentleys. Thanks to that, we have a high-res gallery that's home to rarities like the Vauxhall 30-98 Type OE Boattail Wensum Tourer, beauties like the Bugatti Type 57S Atalante, long-tail Ford GT40, Maserati Tipo 60 Birdcage, Aston Martin DB4GT Zagato, a sinister Ferrari 250 GTO and the even more sinister Rolls-Royce Phantom Aerodynamic Coupe, among others. All you need to do now is click and enjoy.

2014 Bentley Continental GT V8 S Convertible

There are few things in this world I enjoy more than an enthusiastic drive down tree-lined backroads on a warm summer evening. If you're familiar with the geographic location of Detroit, you won't be shocked to learn that we don't have the sort of very-involving roads found all throughout California and other gorgeous parts of the country, but we still have some stretches of pavement that can be pretty darn fun when driven in the right car. The vast majority of our scenic roads, however, are of a more relaxed nature. And that's why, despite my tendency to prefer high-strung hot hatches above all, I will never say no to a big, fast convertible during the warm season.
As far as said big, fast convertibles go, perhaps none is more exquisite than the 2014 Bentley Continental GT V8 S Convertible, pictured here in the striking shade of St. James Red. Not long after returning from my trip across the pond to drive Bentley's V8-powered Flying Spur sedan, I was given the chance to sample another one of its eight-cylinder wares, this one carrying less heft, offering a smidge more power, and, oh yeah, a roof that neatly stows behind the rear seats.
As luck would have it, the weather for my Conti weekend was the absolute definition of perfection. And so I took to those sweeping, tree-lined roads way outside of Detroit to see how this Bentley's "S" badge improves upon the lovely GT V8 Convertible I drove last year. Hard work, but somebody's gotta do it.