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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 Azure could return for limited edition

Once upon a time, Bentley had two convertibles in its lineup – there was the Continental GTC, which you can still enjoy today, and the Azure, which you can't. The bigger offering, based on the Arnage sedan, went out of production several years back, much to the disappointment of those with ostentatious tastes and bottomless pockets. But if Wolfgang Durheimer has his way, the 20-plus-year-old nameplate could return in a limited run based on the Mulsanne. The last Azure demanded ridiculous wealth to purchase, but this new model would be on an entirely different level. According to Car and Driver, Durheimer said a reborn Azure "would be built in [a batch of] 20 units and sold to absolute connoisseurs at a very high price." He stopped short of actually confirming the vehicle or its cost, but that hasn't stopped Car and Driver from suggesting a price of $1 to $1.5 million per vehicle. The timing here is fascinating, largely because Bentley's arch-rival, Rolls-Royce, is preparing to phase out its Phantom Drophead Coupe – the Mulsanne Convertible's most natural rival – due to slow sales. Whatever this limited-edition vehicle is called, it'd be all on its own. This is not the first time this particular rumor has cropped up. In his first tour as Bentley CEO, Durheimer brought a full-size convertible, called the Mulsanne Vision (shown above) to Pebble Beach in 2012. The idea was shelved by his successor, Wolfgang Schreiber, in 2013. But with Durheimer back in his old position in Crewe (and heading up efforts at Bugatti, too), it wasn't long before Bentley was back in the convertible Mulsanne game with the Grand Convertible, a Speed-based droptop. When the Grand Convertible debuted, we said the company is "watching customer reaction to the car." And the press release says the luxury droptop was "developed to signify Bentley's intentions for the future." Consider this most recent story a reinforcement of that report, then. News Source: Car and DriverImage Credit: Bentley Bentley Convertible Luxury Performance wolfgang durheimer bentley azure bentley grand convertible

Face-lifted Bentley Bentayga bares it all on Instagram

Bentley's updated Bentayga unofficially made its global debut on Instagram. Leaked images confirm the company's best-selling model receives a subtly redesigned front end, and a handful of new tech features inside. Instagram user Wilco Blok posted the four images. Some look like they were scanned from a marketing brochure, while others were seemingly taken by a spy photographer. The quartet gives us a decent idea of what to expect from the SUV, starting with a new-look front end that gains oval headlights, a wider grille that's more neatly integrated into the rest of the fascia, and a reshaped lower bumper. The nip-and-tuck creates a visual link between the Bentayga and the Continental GT. Photos of its rear end weren't leaked.           View this post on Instagram                       A post shared by WILCO BLOK (@wilcoblok) on Jun 17, 2020 at 2:06am PDT Most of the interior changes seem to be technology-related. Bentley added a fully digital instrument cluster, and a wider touchscreen that displays an updated infotainment system. Above it, the climate control system's vents are now rectangular instead of round. Below it, designers rearranged the buttons on the center stack. Odds are there are other tweaks not shown in the leaked images. Something else that remains to be seen is what the face-lifted Bentayga looks like under the hood. It's currently offered with a 4.0-liter V8 rated at 542 horsepower, a 6.0-liter W12 available with 600 or 626 horses, and a 456-horsepower plug-in hybrid drivetrain built around a 3.0-liter V6. These specifications could look a little bit different when the model breaks cover. Bentley hasn't commented on the images, and it hasn't announced when it will reveal the updated Bentayga yet. However, now the cat is out of the bag, an official introduction will likely take place sooner rather than later. Related Video: