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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 creates buzz with 'flying bees,' enters honey business

Bentley’s Crewe factory has bees now. Yes, itÂ’s the same Bentley as the one youÂ’re thinking of. TheyÂ’re called “flying bees.” WeÂ’ll hand it to Bentley, thatÂ’s a solid name. This means the British luxury car maker is officially getting into the honey business. We joke, but there will definitely be Bentley-branded honey as a by-product of this nature venture. The bee announcement came in a press release. In total, Bentley is adding 120,000 honey bees to live in two massive (Bentley-branded) hives. Bentley says that amount of bees is capable of producing about 33 pounds of honey per year, which Bentley claims is about 50 jars worth. How much will a jar of Bentley honey cost? Considering how exclusive itÂ’ll be, we imagine itÂ’s more than you can afford, pal. Onwards to the real reason Bentley is doing this. ItÂ’s part of a biodiversity initiative Bentley continues to work toward. “Bee populations are in decline in the U.K., so installing two hives to help boost biodiversity is a great way to make use of the grassland at the edge of the site. Our ‘flying beesÂ’ are honey bees that have been bred by local beekeepers with over 50 yearsÂ’ experience. With their help, weÂ’re checking on them every week and itÂ’s great to see that theyÂ’re already starting to produce the first Bentley honey,” Bentley said in a statement. The hives were installed far from the actual manufacturing facility on site, so you likely wonÂ’t be met with any unexpected guests upon taking delivery of your Bentley. You might remember that Ford hopped on the bee game first a few years back. Even if itÂ’s a small effort, itÂ’s always cool to see anyone trying to save the bees. We donÂ’t want to be caught in a Black Mirror-like situation with mechanical, autonomous bees doing the work for us after all.

This FL man accused of stealing drivers licenses has best tattoo ever

Bentley and Porsche are two of the jewels in Volkswagen Group's luxury brand crown, but in Florida they also have a very tenuous connection with crime. With his multiple face and neck tattoos, including a Bentley logo right between his eyes, Derek Denesevich (pictured above) has been charged with the surprising crime of alleged identity theft. He recently surrendered to a Florida court, and could face seven years in prison, if convicted.
You might wonder where Porsche fits into this. According to the Sun Sentinel, Denesevich's accomplice was one Porscha Kyles, who worked for the Broward Clerk of Courts. She allegedly used her access to driver's license records to steal information and sell it to Denesevich. He is then accused of filing fraudulent income taxes to recoup the refund checks.
According to the Sentinel, Kyles has already pleaded guilty to conspiracy and identity theft and was sentenced to three years and one day in prison. The duo reportedly stole over 100 identities and made at least $120,000. Scroll down for a video about this pair of auto-related criminals.