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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

Weekly Recap: Bentley Bentayga leads luxury SUV charge at Frankfurt

The Bentley Bentayga is launching a new era of ultra high-end sport utility vehicles that will see luxury makers vie for the world's richest and most exclusive customers. The Bentayga is Bentley's first SUV, and it will formally debut next week at the Frankfurt Motor Show. It's loaded with Bentley's best technology and features, led by a 600-horsepower W12 engine. The mission is simple: stop giving up sales to other companies by not having an SUV in its portfolio. "It creates an entirely new category of ultra-luxury SUV, where there are currently few rivals," IHS Automotive analyst Ian Fletcher said in a report. But Bentley and the Bentayga will soon face stiff competition. Archrival Rolls-Royce will produce its own crossover to be built in England, though timing is unclear. Lamborghini has approved plans for a ute that will be assembled in Italy and launch in 2018. Even the sportier British brands are getting into the market. Aston Martin will make a crossover version of the DBX concept shown earlier this year in Geneva, and Jaguar is launching the F-Pace crossover, which will debut in Frankfurt. These new entries will invigorate a segment that's comprised of the Mercedes G63 AMG and the Land Rover Range Rover SV Autobiography, and Bentley is poised to grab a large share of it, Fletcher noted. IHS forecasts Bentayga sales could hit 3,000 units per year in 2017 and 2018, pushing total Bentley sales to more than 10,000 in the next few years. The vehicle will also get plug-in hybrid and diesel variants to widen its reach. The Bentayga is a sales grab, for sure, but Bentley took care to ensure the SUV remained true to the brand. It's laden with the top-shelf wood, leather, and metal, and it comes standard with an expansive panoramic glass roof. It also has intelligent features like electronic night vision and an optional responsive off-road system that can be configured to adapt to eight different settings. It's a different kind of Bentley, but it's a harbinger of things to come for the world's richest luxury makers. Other News & Notes Toyota debuts next-gen Prius Toyota revealed the next-generation of its iconic fuel-sipping hybrid, the 2016 Prius, at an event in Las Vegas. The car promises 10-percent gains in fuel efficiency, though actual figures – and even powertrain specifics – were not revealed. We estimate that could mean about 56 miles per gallon in city driving and 53 on the highway.

Bentley re-creates one-of-a-kind sports sedan destroyed in 1939

Bentley's Mulliner division specializes in making one-off (or few-off) projects for clients willing to foot the bill. They're the folks you'd want to talk to if you want a long-wheelbase Flying Spur, a Bentayga-based dually pickup, or anything in between. The division only works on new models, but it stepped outside of its comfort zone to re-create a one-of-a-kind Bentley manufactured and destroyed in 1939. The project is part of Bentley's on-going centennial celebration, and finishing it in time was easier said than done. It made building a concept car like the EXP 100 GT look like assembling a Lego kit. The original Corniche disappeared after getting bombed by the German army, and a majority of the people who saw it in person are dead, so the men and women tasked with resurrecting it only had a handful of period, black-and-white photographs and technical drawings to work with. The final product looks stunning, and Bentley claims it's identical to the original in every way. Parts like the chromed headlight bezels, the droplet-shaped fenders, and the wooden dashboard were exclusive to the Corniche, so they had to be manufactured from scratch using the correct materials, and the right production techniques. The British firm could have saved itself the trouble of re-creating this unique part of its history if another car hadn't pulled out in front of it 80 years ago. Bentley made the original Corniche during tumultuous times as it explored the possibility of releasing a more powerful variant of the Mark V scheduled to make its debut in October 1939. It asked French designer Georges Paulin to draw a futuristic, streamlined body, and it commissioned Paris-based coachbuilder Carrosserie Vanvooren to build it using thinner-than-normal steel to save weight. The Corniche lapped the Brooklands track for the first time in May 1939 and quickly reached over 100 mph, an impressive speed at the time. Testing continued in rural France, where the big Bentley blended in as well as a flying saucer. In August 1939, one of the company's test drivers swerved to avoid another car, rolled, and wrapped the aerodynamic front end around an unsuspecting tree. Bentley separated the body and the chassis. It immediately shipped the chassis to its headquarters in Crewe, England, and curiously asked a local shop to repair the body instead of sending it back to Vanvooren in Paris.