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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 9 F to be redesigned, renamed Falcon?

In concept form, the Bentley EXP 9 F had neither the styling nor the name to impress us when we first saw it earlier this year at the Geneva Motor Show, and while we already knew some sort of design change was imminent, we're unsurprisingly now hearing that a name change is also in the cards. Automobile Magazine is reporting that the eventual production Bentley SUV will get a complete redesign from what we saw in the EXP 9 F, and it will wear a new name as well: Falcon.
The article says that Luc Donckerwolke, Bentley's newly appointed director of design, is giving the SUV a complete redesign from the concept vehicle, which goes against what we last heard of the vehicle in August that a "radical redesign" was not in the cards. Donckerwolke has been on the design team at various Volkswagen Group automakers since 1992, helping to pen such memorable designs as the Lamborghini Gallardo and Murciélago, but now he is tasked with giving Bentley an SUV worthy of its lineup. Last we heard, the model could go into production in 2015, but there is no indication whether the Falcon will get three-row seating or a plug-in hybrid version as has been previously rumored.

Bentley Bentayga gets its first big update with new design and improved tech

The 2021 Bentley Bentayga is subject to the model’s first significant refresh since the ultra-luxe SUV was introduced for the 2016 model year. In the meantime, Bentley has rolled through a few variants, but now weÂ’re getting design changes, tech enhancements and new equipment. For starters, the V8 is now the standard car (and will be the only one available initially), with the W12 engine reserved for an upcoming Bentayga Speed coming in 2021 — a model the brand expects to continue to be in high demand in America. Bentley also says there will be an updated plug-in hybrid model to follow later this year, but it wonÂ’t be available right away like the V8 is. The 4.0-liter twin-turbo V8 will make the same power as before, sitting at 542 horsepower and 568 pound-feet of torque — thatÂ’s good for a 0-60 mph time of 4.4 seconds. This BentaygaÂ’s most significant mechanical change underneath is a 0.78-inch wider rear track. Bentley claims this reduces steering effort and improves response linearity. Some of the bigger changes come in the design. Bentley says the adjustments are inspired by the new Continental GT and Flying Spur, as every panel in the front and rear have been redone. It gets a larger “matrix” grille, new headlights featuring BentleyÂ’s “cut crystal glassware” design (trust us, itÂ’s very cool), and a more aggressive front bumper with even more venting. Its hood has also been lifted up by 30 mm to make the whole front end appear more imposing. The sides of the SUV get new molding and a new V8 badge, while the back has gone through even more significant changes. ThereÂ’s a new tailgate design that stretches the full width of the rear and also encapsulates the new and bejeweled oval rear taillights. The design change has seriously widened the look from the rear and makes a huge difference to the Bentayga's style. The license plate has been moved down, and the wider rear track gives the Bentayga a more appealing stance. Larger, oval-shaped tailpipes mimic the new taillight design, and Bentley has added a longer roof spoiler to make the car look even more elegant and sporty. A new 22-inch wheel design (available in two finishes) joins the cavalry, as do two new paint colors: Viridian (dark green) and Patina (mid-tone off-white). Of course, the interior is arguably the most important part of a Bentley. The center stack gets a new look; Bentley has provided a new steering wheel, new door trims and completely new seats.