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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

Take a closer look at the Bentley Bacalar with Top Gear

We haven't returned to the Golden Age of coachbuilding yet — meaning the the century-old, Roaring Twenties process of purchasing a rolling chassis from a manufacturer and delivering it to a design house for one-of-a-kind bodywork. Assuming such artistic reversion is even possible, the emphasis is on the word "yet." Aston Martin announced the formal split of its Q division into three disciplines, Commission for low-volume and one-offs, Collection for precious tweaks to production vehicles, and Accessories for individual pieces. Bentley has made a similar tripartite distinction, and takes us closer to coachbuilding history with creation of the Mulliner Bacalar. In doing so, Bentley adds another super-low-volume, super-dearly-priced piece of hardware to the ranks of such emerging from Europe. Top Gear's Jack Rix stopped by to have a seat in the $1.96-million roadster named after a lake in Mexico and inspired by last year's EXP 100 GT concept.    It looks just as good in the studio as it does in photos. The Yellow Flame that incorporates ash from burned rice husks as an environmentally friendlier means to a metallic effect looks more matte to us, but we have no complaints. A lot of thought and work clearly went into the 22-inch, diamond-cut wheels and their "ninja star" center caps. The infinite detailing inside mixes different finishes for the same materials, including two looks for what Rix dubs "bog wood," and extends to the knurled ends on the steering column stalks. And our opinion is that every Continental needs that ramped console, and at least the option of the sinuous center tunnel lines that create individual storage areas behind the seats for two Schedoni bags. Schedoni, by the way, has made the custom-fitted luggage for Ferrari cars since 1977, and also supplies Lamborghini, Maserati, Pagani, and Rolls-Royce. One of the most exquisite points about the Bacalar might be a detail Rix doesn't get into, since the detail concerns the continuation series of the 1929 4.5-litre Blower Bentleys that Mulliner is producing for another 12 clients for the same $1.96M price. As Autocar explains, Bentley Boy Tim Birkin's heel created a depression in the floorboard of Blower #2 that he raced at Le Mans. The continuation cars can be such precise copies that Mulliner will ask Blower buyers if they want that same heel depression and other scuff marks in their floorboards.

2021 Bentley Bentayga Hybrid revealed with tech improvements, same powertrain

The 2021 Bentley Bentayga Hybrid is here, and it’s treated to the same round of updates as the rest of the refreshed Bentayga lineup. That means it gets the new exterior design, a thoroughly revised interior and plenty of new tech. Nothing on the powertrain side has changed for the plug-in hybrid Bentley. ItÂ’ll continue to make do with a 3.0-liter twin-turbo V6 aided by an electric motor. Output remains the same at 443 horsepower and 516 pound-feet of torque combined. EPA range is not yet available, but given the 31-mile NEDC-tested range hasnÂ’t changed, we donÂ’t expect the 18-mile EPA-rated electric range to budge either. The biggest upgrade draw inside is the new 10.9-inch infotainment system. ItÂ’s the latest and best Bentley has to offer, and it features wireless Apple CarPlay and wired Android Auto. A wireless phone charger, new USB-C ports and a larger rear seat touchscreen remote tablet round out the best of the interior changes. ThereÂ’s more space for passengers in the rear. And Bentley upped its luxury game with a redesigned dash, instrument cluster (digital), door trims and steering wheel. The seats are re-done for even more comfort, too. Bentley hasnÂ’t detailed any fine tuning changes it may have made to the way the Bentayga Hybrid drives, but given our disappointing first drive a couple of years ago, we hope there are some unsung, under the hood improvements. The telltale sign that itÂ’s the PHEV is via the tiny “Hybrid” script on the lower door trim. Bentley says the updated Hybrid is available to order now, but we donÂ’t yet have a full breakdown of pricing. Expect it to maintain its status as the cheapest Bentley in the brandÂ’s lineup. Related video: