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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

W12-powered Bentley Batur coupe shows its swept-back profile

Bentley's Mulliner division is nearly ready to introduce the Batur, a limited-edition coupe designed to preview a new design language and to celebrate the W12 engine. The big coupe remains shrouded in darkness, but a new teaser image gives us a better look at its silhouette. Viewed from the side, the Batur (which is named after a crater lake in Bali, Indonesia) looks like it's longer than the current-generation Continental GT. Its front end wears single-piece swept-back headlights rather than the twin oval units fitted to the Continental GT and its rear lights look thinner. We're told that the coupe "showcases a new design language for Bentley," one that puts a new spin on classic styling cues and relies "on contrast to provide definition." This design language will permeate the EVs that Bentley will launch starting in 2025. While the Batur's sheet metal previews a range of upcoming battery-powered cars, its drivetrain is very much rooted in the present. The model will benefit from an evolution of the familiar twin-turbocharged W12 that delivers more torque and horsepower than any variant of the engine to date. Bentley stresses that "advanced chassis systems" will ensure that the Batur is engaging to drive even on a twisty road. Bentley will introduce the Batur in Monterey, California, at 8:00 p.m. Pacific time on August 20 (that's 11:00 p.m. in New York City). Full details will be released when the veil comes off, and we wouldn't be surprised if every build slot is spoken for by the time of the unveiling — few-off models are in hot demand and the Bacalar unveiled in 2020 was sold-out before members of the public saw it in the metal. And, the odds of seeing two identical examples of the Batur are low regardless of how many Bentley chooses to build. The company notes that buyers will have the option of customizing the color and finish of nearly every surface; 3D-printed 18K gold parts will even be offered. Related video:

Bentley will now sell you a model Continental GT for over $9,000

Bentley just announced a 1:8 scale Continental GT model car that costs GBP6,995. That’s $9,123 for a toy. But really, is the cost all that bad? A 1:1 scale Bentley Continental GT V8 (you know, the real thing) has a base price of about $220,000. One-eighth of that is a whopping $27,500. Bentley is surely leaving some money on the table here. OK, sure, you could buy a couple of old Miatas for the same price as this model car. But thatÂ’s not the gift that the one percenters want to give to their children at Christmas. No, an exact replica of the Bentley Continental GT in the garage is a much more applicable gift in that situation. Bentley will reproduce your Bentley or make anything else you can imagine with these 1:8 scale models, too. Customers will need to commission their own car, just like theyÂ’re buying a full-size Bentley.  You choose the colors of the paint, exterior trim, seats, interior stitching, trim veneers, wheels, leather and a number of other materials going into the car. Every last option is matched to an option available on the actual car, so there will be zero differences between the model and full scale car. The Bentley Design Studio oversees the creation of every car to ensure complete accuracy. Over 1,000 pieces are put together by hand to build it. Bentley says each car takes about 300 hours to complete. (Rolls-Royce offers a similar model of the Cullinan that takes 450 hours to build.) Each Bentley will sit on a “majestic varnished plinth.” The car itself measures 30.7 inches in length, 15.7 inches in width and 9.6 inches in height. Smaller, pre-made models are available for far less cash, too. You can pick up a 1:43 model for $110 and a 1:64 model goes for just $15. If uh, you want the $9,123 model, the link to place an order is right here. Bentley recommends using the actual Continental GT configurator to personalize the model. Regardless of price, that is extremely cool. Related Video: