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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

Honda and Chrysler EV news, and talking with GM's charging ecosystem boss | Autoblog Podcast #781

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder. They're excited about the news of the possibility of an electric sports car being revealed for Honda's 75th anniversary, as well as the completely revamped — redesigned and renamed — Chrysler Airflow. They've been driving the Bentley Bentayga EWB, Range Rover, Toyota GR Corolla and the refreshed Buick Encore GX. We listen to a interview Greg conducted with GM's EV charging boss, Hoss Hassani. Finally, a reader is looking to help his in-laws choose an SUV, possibly a hybrid or EV, to replace a BMX X3. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast # 781 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Honda electric sports car could be unveiled this year Chrysler Airflow being redesigned and renamed for production Cars we're driving 2023 Bentley Bentayga EWB Azure First Edition 2023 Land Rover Range Rover SE LWB 2023 Toyota GR Corolla Morizo 2024 Buick Encore GX Avenir Interview with Hoss Hassani, General Motors Vice President and EV Charging Ecosystem Spend my Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Bentley Buick Chrysler GM Honda Land Rover Toyota Green Automakers Crossover Hatchback SUV Electric Future Vehicles Luxury Performance Sedan

2017 Bentley Mulsanne defines the latest in handcrafted luxury

It takes 144 craftsmen roughly 399 hours to build a Bentley Mulsanne. In today's world of automation and just-in-time parts delivery, such statistics sound ridiculous. But this old-school approach to vehicle assembly earns this beast its status as Bentley's flagship. It takes about a third of that time to assemble a Continental GT, for instance, which is one reason the Mulsanne is so expensive. It's also why Bentley moves more than five Continental models for every Mulsanne it sells. Bentley has a brand-new crown jewel coming soon to dealerships as a 2017 model, and it will debut next week at the 2016 Geneva Motor Show. An Extended Wheelbase version joins the base Mulsanne and the Speed, pushing the lineup to three for the first time. Although Bentley officials take pride in the fact they are the largest producer of 12-cylinder engines in the world, the Mulsanne continues to soldier forth with the long-serving 6.75-liter V8. While this L-Series engine traces its roots all the way back to 1959, as evidenced by its cam-in-block overhead-valve design, it's been fully modernized with electronic controls and twin turbochargers. The result is 505 horsepower and 752 pound-feet of torque (or 530 hp and 811 lb-ft in the Speed), routed through a ZF eight-speed automatic transmission to the rear wheels. This is the same engine that has powered flagship Bentleys since 2010, and it's effortlessly capable of pushing the Mulsanne from 0-60 in 5.1 seconds and all the way up to a top speed of 184 miles per hour. The upgraded Mulsanne Speed improves those figures to 4.8 seconds and 190 mph. That's plenty of performance for this kind of vehicle, weighing as it does nearly 6,000 pounds. With that kind of power and heft, a solid chassis is a must. Active engine mounts join new suspension bushings for 2017, and the air suspension system has been updated. Continuous Damping Control and a Drive Dynamics Control System with three factory and one custom setting are standard. Also new are tires codeveloped with Dunlop that have foam-filled cavities to reduce interior cabin noise. Where the styling of the outgoing Mulsanne is smooth and stately, the new one is more angular and modern. At the front, the traditional upright grille remains, but it's over three inches wider than before, and is slatted with vertical vanes in polished stainless steel that are meant to recall Bentley classics from the 1930s.