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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 producing Grand Convertible in grandiose exclusivity

The Googology wiki that celebrates numbers has entries for 42, 151, SpongeBob's Number, and Three Hundred Billion Gazillion. The wiki has no entry for the number 19, which means it doesn't commemorate Steely Dan's "Hey Nineteen," Paul Hardcastle's song "19," or the official production run of the Bentley Grand Convertible. That's right, the abundant and abundantly luxurious Mulsanne-based Grand Convertible will arrive on public roads in 2019. However, Bentley plans just 19 examples of the droptops, and none of them will come to America; only Europe, the Middle East, and Russia have deemed the Grand Convertible roadworthy. Retail price for the Grand Convertible, as if you could buy one in the store, is said to start at $3.5 million - roughly ten times more than the recently-facelifted Mulsanne Speed donor vehicle. ( YouTube gearhead Shmee150 captured the new production look in video taken this month at the Bentley showroom in Dubai.) Actual prices will surely run much higher since Bentley's Mulliner division will oversee the builds. That means custom two-tone colors, shape-shifting diamond quilting inside, Beluga leather, color-matched contrast stitching, and a Burr Walnut tonneau that's the largest veneer ever used on a Bentley. All of that comes before appending every fanciful option an owner consents to fund. Why the wee production run, when Bentley could certainly sell more than 19 specimens? Walter Owen Bentley founded his car company in August, 1919. Even though Walter's first Bentley 3-Litre didn't arrive until 1921, the 19 Grand Convertibles honor the centenary of the company's official founding. Bentley foreshadowed the minuscule production last year, though in a different guise: in March 2016, when Bentley CEO Wolfgang Duerheimer suggested the return of the Azure convertible, the boss said a potential Azure "would be built in [a batch of] 20 units and sold to absolute connoisseurs at a very high price." Give or take a digit, sounds like promises kept. Related Video:

Bentley preps 'Centennary Specification' for all models built in 2019

For the entirety of Bentley's 100th year in business, the English carmaker will adorn its products with a Centenary Specification. The package consists of unique badging with specially developed Centenary Gold badge highlights, available Centenary Gold thread for the headrest logos, contrast stitching and cross stitching, and a "centenary welcome light" outside the vehicle. The in-house craftsmen have also developed unique embroidery. Bentley says the gold hue was inspired by metalwork on vintage models like the 1919 EXP 2 (pictured, red and silver) and 1929 Birkin Blower (pictured, green), the latter one of the company's Le Mans winners driven by Sir Henry "Tim" Birkin. The hue possesses an "elegant warm tone and a deep fluid shadow." The steering wheel badge, key fob, shift knob, and wheel center caps feature the tinted ring. The "B" badge on the radiator surround also features "1919-2019" script, and that script is found on the tread plates, too. For those who don't know, eponymous founder Walter Owen Bentley's engineering career began with locomotives — which he loved more than cars at one point — and motorcycles, before settling on automobiles. He bought his first car in 1910, a French DFP, and after improving it himself, set a 10-lap record at the Brooklands circuit. In 1912 he opened a DFP franchise with his brother Horace Milner as Bentley & Bentley, and further upgraded the car with a new piston design that was 88 percent aluminum and 12 percent copper. The Royal Naval Air Service adopted Bentley's piston design and Bentley's re-designed Clerget airplane engines, dubbed the Bentley Rotary. After the war, Bentley refocused on cars, and in 1919 released the 3-Litre, which boasted features like a cross-flow head, overhead cams working four valves per cylinder, and twin plugs in each cylinder. The company delivered the first production model in 1921, then went racing and won the second edition of Le Mans in 1924. That is how Bentley began to become "Bentley, ahem ...", and here we are. Next year, on July 10, the company plans to celebrate the feat appropriately. Related Video: