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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 EXP 100 GT is an electric vision of luxury in 2035

Bentley has just pulled the wraps off its latest concept car, and it's predictably opulent and indulgent. It's called the Bentley EXP 100 GT, which is a nod to the company's 100th anniversary this year, and it's a look at where Bentley wants to be in the year 2035. It's fully electric, has full autonomous capability, and is draped in high-end materials and outrageous design. The design really is striking. Its carbon fiber and aluminum body is enormous at 19 feet long, yet it's just a two-door coupe. The front overhang is nearly nonexistent, but the tail stretches way behind the back wheels. Signature round headlights blend into a fully illuminated grille. Even the hood ornament and center trim piece on the hood light up. The doors open in a scissor fashion just like a Lamborghini. At the back, the car features OLED taillights. The wheels even have active aerodynamic panels, and apparently the Pirelli tires can, at least conceptually, change their pattern and contact patch for various driving conditions. Under the sizable yet slinky skin is a fully electric powertrain. It features four motors, one for each wheel, to provide full torque vectoring. They deliver a lot of torque, too, at 1,106 pound-feet. Bentley says the EXP 100 GT should hit 60 mph in under 2.5 seconds and have a top speed of 186 mph. The battery pack can provide up to 435 miles of range, and can be charged to 80% capacity in 15 minutes. The car can be driven fully autonomously or manually. The EXP 100 GT naturally has an over-the-top interior to match the exterior and powertrain. It can be configured to seat two to four people. It's trimmed with 5,000-year-old wood salvaged from peat bogs, and copper has been infused with it. Fabric trim features fiber optics woven in for illuminated patterns. The leather is not from animals, but rather created from byproducts of wine making. Crystal is featured heavily, too, and it is used for getting information about the onboard AI. The AI system works to keep you comfortable, and to do so, it monitors your mood with biometrics, even detecting your blood pressure. It can alter the amount of light in the cabin, the temperature and other settings. A unique feature of the car is the ability to simulate lighting conditions from past drives if the current weather is dreary. The car even has a unique scent that can be applied to the cabin that's a mix of sandalwood and moss. Will we see a Bentley like this reach production in 2035? Time will tell.

Latest Forza Horizon 3 car pack features a Skyline and a fast Swedish wagon

The steady stream of Forza Horizon 3 car packs shows no signs of slowing down, and the latest Rockstar Energy Drink pack includes enthusiast favorites such as the R31 Skyline and the Volvo V60 Polestar. The car pack also features a couple of sporty two-doors and some off-road oriented machines. Luxury-minded players will be pleased to see both the Bentley Bentayga and BMW i8 make an appearance. People more concerned with ultimate performance will have a different pair to consider. Players will want to check out the Ford trophy truck for busting dunes, and the Radical RXC Turbo for race-car levels of pavement performance. Finally, yet another classic Aussie muscle car appears in the pack: the 1972 Ford Falcon XA GT-HO. For those interested in the new rides, this car pack is included in the Forza Horizon 3 Car Pass, or can be purchased on its own. If only one or two vehicles are must-haves, it's also possible to purchase the cars individually. Related Video: Related Gallery Forza Horizon 3 Rockstar Energy Car Pack Image Credit: Turn10 Studios / Playground Games Toys/Games Bentley BMW Ford Volvo Videos bentley bentayga nissan skyline volvo v60 polestar forza horizon 3