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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

Porsche says next Cayenne will be faster than Bentley Bentayga

Bentley and Porsche are both high-end marques under the same umbrella, and may even be collaborating on development of new models – but while they tend to take different approaches and go after different customers, that doesn't mean they can't share a bit of sibling rivalry. And that spirit of competition – even within the Volkswagen Group – looks to be coming to a head in the form of their upcoming luxury performance crossovers. For his part, Bentley CEO Wolfgang Durheimer promises that the brand's upcoming Bentayga sport-ute will (in its top spec with the W12 engine) be the fastest SUV on the market. But in speaking with Car and Driver, Wolfgang Hatz – who holds the Porsche R&D head office that Durheimer used to occupy – says the Bentley won't be king for long. Porsche just released the new Cayenne Turbo S in Detroit, touting it as the first SUV to crack the eight-minute barrier at the Nurburgring. And Hatz says that the next version will be even faster. "Our Cayenne is always very very quick. It is doing 300 km/h [186 mph]. I think if [Durheimer] is doing 2 to 3 km/h more, then why not? He's doing that with a 12-cylinder. Our car will be much quicker on the road." The next Cayenne is slated to use a new generation of engines, and according to Hatz, will benefit from the same (if not more) weight loss as the new Audi Q7 with which it will share its platform. That sounds like a winning combination to us. That is, at least, for fans of performance crossovers. For those who aren't, Porsche promises it won't be bolstering its lineup with any new ones. Apparently the Cayenne and the smaller Macan are enough. Nor will Zuffenhausen slot anything bigger than a V6 into the Macan, according to the report. While Porsche's baby crossover will surely continue to get faster with new iterations, the Cayenne will always remain the performance flagship of its SUV range. Featured Gallery 2015 Porsche Cayenne Turbo S News Source: Car and Driver Bentley Porsche Crossover SUV Performance bentley bentayga porsche cayenne turbo s

Bentley Continental 24 is for those who find the Supersports too common

Bentley is no stranger to special-edition models. Some are like the Bentayga Falconry by Mulliner, a tasteful rolling tribute to the sport of kings. Others, such as the new Bentley Continental 24, are aimed at a slightly less conservative customer base. The Continental 24, built to commemorate the British automaker's return to the 24 Hours Nurburgring, is big, bright, and slightly less subdued than other Bentleys. As they say, different strokes for different folks. The entire run will be limited to 24 cars, obviously. The full allocation is slated just for Europe, but we're sure with enough cash Bentley can make something similar available stateside. The car is based on the new 700 horsepower Bentley Continental GT Supersports, the fastest road-going Bentley ever. In addition to the horsepower, the Supersports' W12 engine turns out 750 lb-ft of torque and, thanks to the titanium exhaust, enough noise to drown out all the haters at the local country club. The most obvious feature on the Continental 24 is the bright Monaco Yellow or St. James Red over Black Crystal paint scheme, done up similar to the Bentley Team ABT Continental GT3 race cars. The paintwork even carries to the 21-inch forged wheels, with body-matching paint filling the spokes. The exterior is finished with carbon-fiber mirrors, black brake calipers, and black brightware in place of chrome. The two-tone theme carries on inside the Continental 24, with either yellow or red accenting the nearly all black trim and upholstery. Black Alcantara seats are stitched with contrasting diamond patterns. Yellow or red sweep around and flank the cabin. As expected, the headrests are emblazoned with "Continental 24." Unsurprisingly, exclusivity doesn't come cheap. Deliveries begin in July with prices starting at ˆ250,000, or about $280,600. It's probably got a wider appeal than the admittedly niche Bentayga Falconry. Related Video: Featured Gallery Bentley Continental 24 View 12 Photos News Source: Bentley Design/Style Motorsports Bentley Coupe Luxury Performance