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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's Bentayga Mulliner takes two-tone to a new level of excess

Because a normal Bentayga just isn't enough for some people, Bentley revealed its most exclusive SUV yet, the Bentayga Mulliner. Now this isn't a wild custom model like the Mulsanne Grand Limousine by Mulliner. Rather, this is like past special-edition Mulliner cars including the standard-length Mulsanne, and the Continental GT, which featured some unique trim and detail touches. Immediately apparent is the two-tone paint scheme. This is a new option that will be introduced on the Bentayga Mulliner, but will trickle down to the rest of the lineup this April. In addition, this special Bentayga comes with exclusive 22-inch wheels with floating centers to keep the badge upright, a la Rolls-Royce wheels. Bentley also adds unique badging and standard color-coordinated lower body extensions, while the lower grilles are finished in chrome. The car that will be on display at the Geneva show will feature a special marquetry inlay up front showing the Monte Rosa mountain range. The two-tone scheme of the exterior is continued inside, with the front and rear seats upholstered in different colors of leather. In the Bentayga above, black leather covers the front seats while the rears are done in an ivory-colored hide. The seats all feature two colors of contrast stitching, as well. Even the wood veneers are finished in an exclusive dual tone. On the dash, the wood is completely black, but along the front doors, it fades to a natural finish that is continued on the rear doors. Breaking from the obsession with multiple colors, the Bentayga Mulliner also features a wine bottle cooler and crystal champagne flutes. You could put rose in one if you're really not into matching, though. If even these upgrades don't do it for you, there are a couple other special options available. Bentley offers the Linley Hamper by Mulliner, which is a pretty serious picnic basket featuring Linley china and silverware, as well as a refrigerator. This special Bentayga can also be ordered with the Mulliner Tourbillon automatic clock by Breitling, which the BBC reports was a $160,000 option when introduced during the SUV's debut. Bentley will begin taking orders this spring, though pricing for the SUV was not released. Expect it to cost a good chunk more than the standard model's $229,100 base price. Related Video:

Bentley Bentayga spied on soon-to-be home turf

If we had to bet where Bentley would sell the most Bentayga crossovers, our money would be on the Middle East, with a particular focus on the oil-rich United Arab Emirates. Considering that – not to mention the blistering heat – it's no real surprise that the British manufacturer is testing its first CUV on the sand-strewn roads of Dubai. This video comes from an Arab YouTube channel that Google Translate calls "net box." It gives us a great look at the new Bentayga while both parked and in motion, traveling along Dubai's highways. While this is not the exact same vehicle we've seen in previous spy photos – the number plate on this car ends in a Z instead of a W – the camouflage job is more or less the same. There are large, obstructive headlight and taillight covers, and the same strakes designed to obscure the rear haunches. Seeing an engineer getting out of the car and standing next to it, though, does give us some sense of its overall size. Either Bentley's engineer is a giant or the Bentayga is relatively low for a crossover, relying more on a lifted ride height than just being big and tall. You can check out the video above. Like we said, it's a good first look at Crewe's first CUV in motion. Check it out, and let us know what you think in Comments.