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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 to call its upcoming crossover Bentayga?

Development of Bentley's forthcoming utility vehicle is almost complete, and the British automaker has painted a vivid picture of what to expect: otherworldly luxurious, a range of powertrains including a twelve-pot and a hybrid, and a price tag that is sure to eclipse any other SUV or crossover on the market. One of the biggest questions still remaining, however, is what Bentley will call the thing, but we might have our answer right here. According to Autovisie (the car section of Dutch newspaper De Telegraaf), Bentley has registered the name Bentayga – taken from a rock formation on Gran Canaria in the Canary Islands, that Spanish archipelago off the coast of Morocco. The concept was originally showcased as the EXP 9 F. Though that handle was never expected to make it to production, the F supposedly stood for Falcon, leading to speculation that the final version would carry that name. But if the trademark application is anything to go by, we could be looking in the end at the Bentley Bentayga. Featured Gallery Bentley SUV: Spy Shots View 10 Photos News Source: AutovisieImage Credit: CarPix Bentley Crossover Luxury patent trademark bentley bentayga bentley exp 9 f bentley falcon

Bentley Bentayga to add gasoline V8 before plug-in hybrid powertrains bows

The Bentley Bentayga offers exactly one powertrain in the US: a 6.0 liter W12 with 600 horsepower and 664 pound-feet of torque. Overseas buyers get the additional option of a 4.0 liter diesel V8 with 429 hp and 664 lb-ft - the same oil burner from the Audi SQ7, denied us after Volkswagen Group pulled diesels from the US market. Auto Motor und Sport reports that Bentley will add two more powertrains to the mix over the next year, but it's unclear whether any of them will come here: a 4.0-liter gasoline V8, and a plug-in hybrid. The German publication expects the Porsche-developed 4.0-liter, twin-turbo V8 to get the nod for Bentley use. That engine serves in the Porsche Cayenne Turbo (550 hp/567 lb-ft) and Lamborghini Urus (650 hp/627 lb-ft), which both share their MLB platform with the Bentayga. Making sure not to step on the toes of the W12, the 4.0-liter petrol V8 will get something like the Cayenne Turbo's 550 hp. We've seen spy shots of the Bentayga PHEV testing at the Nurburgring, but we weren't sure what the SUV used for motivation. Porsche again donates equipment for the plug-in hybrid Bentayga, the forthcoming powertrain swiped from the Panamera 4 E-Hybrid. In the Porsche, total output comes to 462 hp and 516 lb-ft. Spy shooters captured a photo of an "EV Mode" button inside the Bentayga, so we know it will do silent running; the 14.1 kWh battery in the Panamera E-Hybrid provides 31 miles of electric-only range. Both powertrains will provide a lower price point for the Bentayga compared to the W12, a stat line that should increase the big Bentley's appeal even though sales already qualify as gangbusters, considering the vehicle. According to AMS, the 4.0-liter gas V8 Bentayga should show up sometime around summer 2018, the PHEV to follow. Related Video: