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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

Lamborghini, Bentley recalling models with carbon-ceramic brakes

An issue involving carbon-ceramic brakes has prompted Lamborghini and Bentley to recall certain models so equipped. The problem, according to the National Highway Traffic Safety Administration, revolves around the stainless steel screws that secure the brake rotors, which are prone to corrosion when exposed to salty conditions.
The recall affects 2007-2009 Lamborghini Gallardo coupes and Spyders, 2006-2010 Murcielago coupes and Roadsters and 2007-2011 Bentley Continental GTs, GTCs and Flying Spurs. All in all, some 1,136 vehicles are subject to the recall in the United States, including 263 Gallardos, 404 Murcielagos and 469 Continentals. The fix seems simple enough, with local Lamborghini and Bentley dealers replacing the problematic screws with new ones. The recall follows two notices recently issued for Audis as well. For further details, see the trio of recall notices below.

2019 Bentley Bentayga Hybrid arrives at the 2018 Geneva Motor Show

It's been more than three years since the Bentley Bentayga Hybrid was announced. The British automaker's ultra-lux SUV was released with a 600 horsepower W12, though a diesel variant is available in Europe and a gasoline V8-powered model will soon go on sale. At the 2018 Geneva Motor Show, Bentley finally unveiled the new Bentayga plug-in hybrid with 31 miles of range and a full charge in just 2.5 hours. The Bentayga Hybrid uses a turbocharged 3.0-liter V6 paired with an electric motor. Details on the battery capacity, power output and fuel economy haven't been announced, but expect huge improvements over the current model's abysmal 12 mpg city and 19 mpg highway EPA rating. Like other hybrids, the Bentayga's E Motor acts as both an electric motor and a generator. Bentley says the hybrid will get 50 kilometers or about 31 miles of range on the European cycle. View 12 Photos Power is still sent to all four wheels. Four on-road driving modes — Sport, Bentley, Comfort and Custom — will be joined by three new modes. Using what used to be the start/stop switch, drivers can change between EV Drive, Hybrid and Hold modes, the latter holding battery power for later use. The instrument cluster and infotainment screens have been revised, with an EV Drive meter joining the traditional tachometer. A battery charge meter replaces the coolant temperature gauge. In order to maximize fuel economy and electric range, Bentley uses the satellite navigation to calculate the best use of the powertrain. When a destination is set, the nav system will talk to the computer to determine the best times to use the electric motor, holding the battery's charge until it's most efficient. Ideally, Bentley says the system will deplete the battery's charge completely just as you arrive at your destination. A smartphone app allows owners to remotely check the charge status or search for charging stations along a route or in an area. Other features include remote heating and cooling that will have the car at a set temperature when you're ready to go. A full charge should take 7.5 hours on a standard outlet or 2.5 with a in-home charger. Bentley has you covered here and has partnered with designer Philippe Starck on a custom charger. While it doesn't charge any faster than other chargers, it is quite a stylish piece of equipment. Visually, the Bentayga Hybrid doesn't differ much from the standard gasoline model. The charging port mirrors the fuel filler door on the opposite side of the car.