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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 Bentayga Speed honors Russian ballet with creative colors

Bentley has become the first major automaker to release a series of cars dedicated to Russian ballet — sorry, Lada. It's planning to build a series of six Bentayga Speed models inspired by a different motion performed by ballet dancers in Russia. Each SUV in the series wears a specific livery; three feature a single-tone paint job while the rest get a two-tone look. As of writing, only one of the limited-edition SUVs has been revealed. It's painted in Silver Storm over Damson, which is Bentley-speak for purple, and it receives a brown and purple leather interior with contrasting Koa wood trim. Some of the other color combinations planned will be more subtle. One will be painted in Windsor Blue over Light Windsor Blue, for example. At the other end of the spectrum, another will be fully finished in purple. Edition-specific contrast stitching and ballet silhouettes added to the seats and to the trim on the dashboard further set the members of this few-off series apart from the regular-production Bentayga Speed. And, each car is named after a unique ballet move; the name appears on the sill plates. Before you get in, keep an eye out for the unique Russian Heritage LED welcome lighting that's exclusive to these six cars. Don't look for ballet-inspired modifications under the hood. Power comes from the regular-production Speed's mighty 6.0-liter W12 engine, which is twin-turbocharged to develop 626 horsepower and 664 pound-feet of torque. The latter figure is available over a broad range that stretches from 1,500 to 5,000 rpm. The firm quotes an impressive 3.9-second sprint from zero to 62 mph and a top speed of 190 mph. Pricing information hasn't been announced but it's of little interest: all six cars have already been spoken for. They'll be delivered by Bentley dealerships in the Moscow area before the end of 2021. Bentley explained that this is the first chapter in a series of Russian Heritage Edition models developed specifically for the Russian market. It plans to release new Russia-themed limited-edition models annually. Fear not if you're into big, powerful SUVs and head-turning paint colors but aren't on the list to receive a ballet-themed Bentayga. Mulliner (the division that handles Bentley's in-house customization) takes requests; its 1,000th project was a sweet potato-colored Bentayga. Related video: 2019 Bentley Bentayga Exterior Walkaround, Drive Modes, V8 Engine, Front Seats and Rear Seats

Pebble Beach Concept Car Lawn adds class to the grass

While Pebble Beach is traditionally thought of as the refuge of the pristine and pricey vintage vehicles of the world, there's no shortage of newer vehicles on display. And when we say "new," we mean really new. As in, not even in production new. This is the concept car lawn, and it's home to an eclectic group of vehicles from past and present.
Of course, calling it the "concept car lawn" is a bit of a misnomer this year (as it has been in previous years, too). Production models like the Alfa Romeo 4C were on display, alongside known quantities like the Hennessy Venom GT and modified versions of already-on-sale models, like the Rolls-Royce Phantom Drophead Waterspeed Collection.
There were a few concepts on display, though. Toyota debuted the critically acclaimed FT-1 Concept in a new shade, while BMW's Beijing Motor Show stunner, the Vision Future Luxury, was also parked on the expensive grass. Also appearing were the Nissan GT-R in sheep's clothing, the Infiniti Q50 Eau Rouge, and the recently debuted McLaren P1 GTR.