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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

2017 Bentley Flying Spur W12 S laughs at the 200-mph barrier

A 200-plus-mile-per-hour sedan will always be more audacious than a similarly speedy coupe. These days, cracking 200 in a lightweight two-door is basically just expected. But reaching that speed in a sedan – a big, heavy, leather-and-wood-lined palace of a four-door – is more challenging. Bentley has finally done it. The new Flying Spur W12 S takes the smaller of Bentley's two sedans up to a lofty 202 mph – up from 199 in the standard model – thanks to the efforts of a more potent W12. The company's engineers boosted output from 616 to 626 horsepower and torque from 590 pound-feet to 605. On top of the increased top speed, the W12 S can hit 60 miles per hour in just 4.2 seconds. A retuned suspension with unique damper and stability control settings promises a more agile Flying Spur flagship, too. There are also aesthetic tweaks to set the Flying Spur's headlining act. We're digging the black elements in the LED headlights and taillights. The new lights play nice with the blacked-out grille – which Bentley insists on calling Beluga – 21-inch wheels, and other accents scattered around the body. We think the pale blue sedan in the gallery works better than on the Jack-O-Lantern orange Flying Spur. Changes in the cabin are more modest – there's a nice "W12 S" script in the headrests and a new two-tone color split interior that's limited to this range-topping S model. Bentley will deliver the first Flying Spur W12 S sedans near the end of 2016. And if you want an even more potent Flying Spur, somehow, we're guessing a Speed model will supplant the W12 S sooner rather than later. Related Video: Featured Gallery 2017 Bentley Flying Spur W12 S News Source: BentleyImage Credit: Bentley Bentley Luxury Performance Sedan bentley flying spur

Xcar calls Continental GT V8 S the best Bentley yet

It wouldn't be fair to describe the Bentley Continental GT V8 S as taking the standard version of the luxury coupe and turning the driving engagement up to 11. That accolade is reserved for the hardcore, stripped-out GT3-R version. Though, not everyone wants to go quite that far. As Xcar Films presents in a new video, being behind the wheel of the S compared to the standard GT is more like listening to music through a quality set of speakers where everything become a little more crisp and clear. Giving the S that extra little bit are a multitude of improvements like a stiffer suspension, tighter steering, a more aggressive body kit and an extra 21 horsepower from its twin-turbo 4.0-liter V8. However, the real magic is how Bentley mixes all of the tweaks together into a grand tourer that can work with drivers when they want to have a little fun. Plus, Xcar's fantastic cinematography over some rolling British hills on a wet day provides a great backdrop.