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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 Continental GT 'Ultratank' makes tracks in Russia. Literally

When the automotive news cycle last turned its attention to Russia, it was to celebrate the maniacs who'd linked three cheap four-cylinder engines to create a 12-cylinder Lada. Our newest visit to the motherland is for the diametric opposite: a first-generation Bentley Continental GT placed on a custom set of heavy duty tracks. Created by Russian YouTube channel AcademeG, the navy blue mutant is called the Ultratank, and its waiting for its close-up in the Akira sequel. Chronicling the build began last August, sometime after AcademeG's presenter bought the cheapest Continental GT he could find. Seems that kind of purchase is a cautionary tale in Russia as much as it is here, because the Bentley's 6.0-liter, twin-turbo W12 needed a list of expensive repairs, starting with new turbos. It appears that was the cue to throw out the whole engine, drivetrain, and frame. AcademeG took the coupe to Swap-Point, who replaced the stock motor with Toyota's Japanese-market 4.3-liter V8 used in the Toyota Crown Majesta, Celsior, and Soarer and Lexus GS, LS, and SC 430. The engine sends power to a solid rear axle only through a torque converter automatic. From there, the twist is transferred to a set of heavy vehicle tracks measuring 98.4 inches long. The Bentley's passenger tub and upper portions mostly survived the transformation, but tube-frame construction replaced the stock architecture front and rear. Nine months later, the Ultratank has taken its first steps. The Russians took their baby into the woods to play, and - watched by some goats and shepherds - proved they got it mostly right in spite of a few issues. Running on treads is often done best in low revs, but the engine doesn't like low revs. There wasn't enough tension on the tracks, and the rubber nubs aligning the tracks with the wheels aren't substantial enough, so the tracks rolled off the wheels during hard cornering. And there are no brakes. Slowing down requires sawing at the wheel, which brakes the inside tread as the Ultratank starts to turn. Even so, the vehicle and the test were declared a success. The team will tune the engine, add doors and tweak the tracks, but according to YouTube's Russian translation, "everything is simply ideal." You can check out the entire build while awaiting updates on the next big changes, including a higher top speed: The Ultratank tops out at 31 miles per hour now, and AcademeG wants to double that.

Honda and Chrysler EV news, and talking with GM's charging ecosystem boss | Autoblog Podcast #781

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder. They're excited about the news of the possibility of an electric sports car being revealed for Honda's 75th anniversary, as well as the completely revamped — redesigned and renamed — Chrysler Airflow. They've been driving the Bentley Bentayga EWB, Range Rover, Toyota GR Corolla and the refreshed Buick Encore GX. We listen to a interview Greg conducted with GM's EV charging boss, Hoss Hassani. Finally, a reader is looking to help his in-laws choose an SUV, possibly a hybrid or EV, to replace a BMX X3. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast # 781 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Honda electric sports car could be unveiled this year Chrysler Airflow being redesigned and renamed for production Cars we're driving 2023 Bentley Bentayga EWB Azure First Edition 2023 Land Rover Range Rover SE LWB 2023 Toyota GR Corolla Morizo 2024 Buick Encore GX Avenir Interview with Hoss Hassani, General Motors Vice President and EV Charging Ecosystem Spend my Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Bentley Buick Chrysler GM Honda Land Rover Toyota Green Automakers Crossover Hatchback SUV Electric Future Vehicles Luxury Performance Sedan