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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

VW Group plan puts Porsche in charge of a 'super-premium' division

An Automobile report looks into what's happening on the organizational and technical sides of the Volkswagen Group, and what those changes could mean for the premium brands. The wide-angle view is that Porsche appears to have been anointed to "coordinate the future activities" at Audi, Bentley, Bugatti and Lamborghini. Audi would cede Lamborghini guardianship to Stuttgart, and Ducati — via a new concern called Ducati Enterprises — would become the shepherd for VW's other Italian investments. Executives target Jan. 1, 2019, to complete the reshuffle. VW wants to save a boodle by tying up four of its five top-tier brands, and putting the one with the highest ROI in charge. Porsche, within its own house, wants to reduce expenditures by $2.3 billion per year over for four years, the savings already earmarked for improving internal processes like R&D and production. Having Porsche share those gains as well as lead development of platforms, components and future-tech strategies for the sister sports car brands could benefit everyone. In the near-term, the brands have their own plans: Bugatti CEO Stephan Winkelmann is said to want a Chiron Superleggera, a roofless and "completely reskinned" Chiron Aperta, and a track-only Chiron SS. The Superleggera could take the Chiron Sport's and Divo's Jenny Craig routines even further. The Aperta seems a natural successor to the Veyron Grand Sport, a natural evolution of the recently introduced Sky View roof, and a reskin might include numerous Divo cues. It's also said Bugatti's considering "an all-electric high-end model" in conjunction with Porsche, Rimac, and Dallara, but name one supercar or hypercar manufacturer that isn't considering a lightning-fast EV. Lamborghini, deep into work on follow-ups for the Huracan and Aventador, might get a bit of a bump with the new plan. The carbon "monofuselage" for the next V12 flagship is said to be too far developed and too complex to scrap. It puts two electric motors on the front axle, batteries in the middle, and a naturally aspirated V12 with around 770 horsepower plus another e-motor with 402 horsepower in back. The Huracan is said to get a version of the same carbon architecture at the moment, but the corporate reorganization might press pause on it. Automobile says options include continuing the Huracan/ Audi R8 twinning, but that depends on Audi saying "Ja" to a third-gen R8 with Lamborghini bones.

Ares Design Coupe for the Bentley Mulsanne is the grand tourer we dream about

Bentley exited the grand coupe business when it made the last of 550 Brooklands models in 2011. The UK carmaker said it will make 19 examples of the Mulsanne Grand Convertible, but that doesn't count as a coupe. So when a U.S. Mulsanne owner wanted his Bentley with a roof but a touch less four-door-y, he went to Italian coachbuilders Ares Design. And not only did Ares do the thing, they did it magnificently. The resulting two-door is called the Ares Design Coupe for the Bentley Mulsanne, and the first of them was just handed over in Beverly Hills in time for a Pebble Beach appearance. Modena-based Ares started with a three-dimensional scan of the sedan, then reworked that CAD file into the coupe they sought by changing just about everything behind the A-pillars. A reprofiled roof replaces the old one, and it falls into a new backlight and longer rear decklid. The engineers moved the B-pillars rearward to install longer front doors, and fabricated new side impact protection for the portals and rear quarter panels. New chrome surrounds on the windows maintain the look as if from Crewe. Yet because the roof and doors are made from carbon fiber, they contribute to the coupe's 992-pound overall weight loss compared to the donor four-door. Inside, Ares replaced the front seats with more rakish thrones, redesigned the interior trim panels to flow with the body style, and matched the wood and leather as if all were factory original. Under the unchanged hood, a tuned ECU means the 6.75-liter twin-turbo V8 produces more than 591 horsepower and 811 pound-feet of torque, both healthy improvements on the stock 505 hp and 752 lb-ft. Completing the transformation, the coupe sits 20 millimeters lower on "a sportier suspension." One report said that a friend of the California owner likes the car so much that a second two-door has already been commissioned. Ares charges $460,000 for the service, to start, and it takes about six weeks. And no, that price doesn't include the donor Bentley. However, that's a lot less than Bentley would charge to make the swap, since the carmaker won't make the actual car. The Italian firm said it wants to keep volumes "ultra-low," yet, "As long as [Bentley] don't make one, we will continue." Although we haven't spoken much of Ares here outside of their Tesla Model S wagon, the firm led by ex- Lotus boss Dany Bahar has kept busy in its four years of operation.