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Volkswagen might cut 40 models across brands to save cash

Volkswagen once set out to pass Toyota and General Motors and become the largest automaker in the world. Following months of fallout from the diesel emissions scandal, the manufacturer is rumored to be dropping around 40 models from its company-wide lineup. According to German business and finance publication Handelsblatt, the Volkswagen Group is looking to slim down and remove a number of low-volume vehicles from various lineups. The company currently sells around 340 models across brands that include Audi, Lamborghini, and Bentley. Volkswagen is refusing to comment, but Handelsblatt claims to have sources within the company. Last week, Volkswagen Group CEO Matthias Muller announced a new strategy for the company that includes a major focus on electric vehicles and new technology services. During his announcement, Muller said the company would be cutting a number of models, but at the time no numbers, models, or brands were discussed. Despite comments to the contrary, rumors have persisted since late last year that Volkswagen was looking to sell commercial truck and bus manufacturer MAN. Volkswagen owns truck and bus manufacturer Scania, so even if it dropped MAN, the company would still have a foothold within the bus and truck market. There is also talk of the company selling Italian motorcycle manufacturer Ducati, which Volkswagen acquired via Audi in 2012. The company's image has taken a huge hit in the wake of the diesel scandal. Volkswagen has set aside cash in order to pay fines and may be looking to sell these several subsidiaries and cut low-volume models in order offset the costs. Despite the scandal, the company led worldwide sales in the first quarter of 2016. The same was true in 2015, but sales tanked at the end of the year following the diesel revelations. Related Video: Rumormill Audi Bentley Volkswagen Ducati

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 Mulsanne Grand Limousine by Mulliner is a six-passenger mouthful

Automakers that specialize in low-volume, hand-built cars really listen to their customers. That's why we're looking at this, a super-sized, customer-commissioned Bentley Mulsanne, called the Grand Limousine, that's been built by the company's in-house coachbuilder Mulliner. The most notable change, of course, is the size. Mulliner adds an extra three feet to the Mulsanne's overall length and three inches to its height for uncompromised interior space. As you can see by looking at the gallery, that change allowed Bentley to fit a second pair of rear-facing seats. The actual cabin itself is entirely bespoke, but there's more than some hand-picked hides and wood trim here. The windows are made from electrochromatic glass that can change from clear to opaque with a single button press, not unlike the Mercedes-Benz SL's Magic Sky Control. Backseat passengers will also have access to an updated HVAC system, fold-out wood tables, iPad docking/charging stations and a full array of drinks storage, including a bottle cooler with a frosted glass and champagne flutes. And if you'd rather pass on alcohol, there's a special soft drink cabinet so that you can take your Mountain Dew addiction on the road. Naturally, there's also an intercom so that the one-percenter in back can talk to the 99 percenter in front. Check out the Mulsanne Grand Limousine in the official gallery, and stay tuned for live images of this gorgeous luxury sedan from the floor of the 2016 Geneva Motor Show. BENTLEY UNVEILS THE MULSANNE GRAND LIMOUSINE BY MULLINER – THE ULTIMATE EXPRESSION OF BESPOKE, COACHBUILT LUXURY MAR 1, 2016 Privately-commissioned, bespoke Mulsanne is perfect showcase of Mulliner's skill and vision One metre of additional length and a new higher roof affords passengers luxury of space and comfort Luxurious private-aviation-inspired rear cabin with face-to-face seating 'Smart glass' assures privacy; in-car technology enhances experience Hand-crafted in Crewe by Mulliner, Bentley's coachbuilding division (Geneva, Switzerland. 1 March 2016) Bentley unveils the Mulsanne Grand Limousine by Mulliner at the 2016 Geneva Motor Show today, showcasing the ultimate expression of bespoke automotive luxury, craftsmanship, individualisation and refinement. The Mulsanne Grand Limousine is one metre longer and 79 mm taller than Bentley's new Mulsanne and features a unique interior with private-aviation-style seating configuration in the rear cabin.