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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

2017 Bentley Mulsanne Extended Wheelbase is for the driven

For the first time since the nameplate was reintroduced as a 2011 model, Bentley will offer the Mulsanne in two lengths. The Extended Wheelbase adds an additional 10 inches to the rear passenger compartment over the standard and Speed models, allowing Bentley to fit a pair of reclining rear seats and a large sunroof into its flagship model. Naturally, this is the Bentley model aimed at buyers who would rather not drive themselves, preferring to be chauffeured. That doesn't describe the average Autoblogger, but for those who do fall into that camp, here's what you should know. View 8 Photos It's coming to America. Although the Mulsanne Extended Wheelbase will be aimed mostly at the Asian market, it will come to the United States. Most Americans would rather drive than be driven, which means the long-wheelbase model will be imported from England in very small numbers and quite likely as a limited edition. For such a simple idea, the execution is complicated. Every Bentley Mulsanne is hand-assembled by a skilled team of craftsmen. That doesn't change for the Extended Wheelbase, but it does add some new complexity to the build process. All three Mulsanne models roll down the same line in Crewe, meaning workers have to be trained in the differences of each model. This is true at most plants, but the assembly of a Mulsanne is a rather different process than a Mustang. In addition to the extra length, all Mulsanne Extended Wheelbase models get optional folding tables for both rear passengers. These are beautiful works of art, and the engineering behind them is almost unbelievable. Each tray table is made from 600 individual parts. Yes, you read that correctly. We're not sure how Bentley managed to over-engineer these baubles so thoroughly, but we suggest that you treat the metal and leather creations with respect. But it's also very comfortable. Those tray tables can tilt at about a 30-degree angle, which is perfect for displaying content on an electronic device. The center console that holds them when not in use is unique to the Extended Wheelbase, and it's covered in the same veneer and leather that the buyer selects for the rest of the car. USB ports, pen holders, and cup holders designed specifically to hold two of the three crystal flutes in the fridge between the seats, and a glass-covered bin make the console as useful as possible.

Weekly Recap: Takeaways from the Frankfurt Motor Show

We obsessively covered the 2015 Frankfurt Motor Show, and naturally, we selected our favorites from this fall's biggest automotive event. Now that the dust has settled, we're looking ahead to what it all means. Here are three takeaways from the floor in Frankfurt. The Germans are serious about electric vehicles: It's a bit cliche to say BMW, Mercedes, and Audi have downplayed electrics in favor of other technologies, like diesels. For a time that may have been true, but those three companies, along with Porsche and Volkswagen, are emerging as leaders in EV development. That was on display in Frankfurt, when all of them revealed either all-electric or plug-in hybrid models. Gas prices are relatively low in the United States, but clearly the Germans are thinking long-term and globally. Everyone is serious about SUVs: You gotta have one, even if you're Bentley or Jaguar. It's 2015 and it's what consumers want. As Jaguar design director Ian Callum put it, "Not to be in the sector would be a little naive for the sake of purity." It's not just the flashy exotic luxury makers. Nissan showed the Gripz concept, which is rakish, radical, and meant to blend traits of SUVs and sports cars into a vehicle that really crosses over. Look for more, especially in the luxury sector, as Rolls-Royce, Lamborghini, and Aston Martin ramp up their own SUV efforts. There's no ceiling to the luxury market: Speaking of high-end cars, companies are continuing to invest in extravagant wares beyond just SUVs. Even during the recession, ultra-luxury makers remained relevant, and now they're back at full stride. In Frankfurt, that was illustrated by yet another S-Class model, the cabriolet, which will come in S550 and S63 AMG variants in the United States. Ferrari also showed off the 488 Spider, and Lamborghini opened up the Huracan LP 610-4 Spyder. Meanwhile, Bugatti's Vision Grand Turismo concept reminded enthusiasts that it's plotting life after the Veyron. European auto shows always draw the glitziest reveals from luxury makers, and this year didn't disappoint. OTHER NEWS & NOTES 2016 Honda Civic redesigned with snazzier style, turbo power The 10th-generation of the Honda Civic debuted this week at events in Los Angeles and Detroit ahead of its launch in the United States this fall as a 2016 model. Honda fortified the Civic with LED lights, an available turbo engine, and a more tech-laden cabin.