2022 Bentley Continental Gt Gt Speed Convertible on 2040-cars

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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's first EV will be an SUV arriving in 2025 on Audi Project Artemis platform

The first electric Bentley is going to be an SUV, and it will arrive in 2025, according to a report recently published by Car Magazine. It will also be an Audi collaboration, but this second bit of news comes as very little surprise given the companies live under the same roof in the VW Group. When Car questioned Bentley CEO Adrian Hallmark concerning the body style the first EV would take, Hallmark replied, “If you're not in SUVs, you're nowhere.” ThatÂ’s a pretty telling suggestion, and considering the BentaygaÂ’s success, Bentley is smart for heading down the crossover/SUV path first. The next question we have concerns the vitals of the car. What will underpin BentleyÂ’s first big, electric effort? It appears as though Project Artemis is the answer. WeÂ’ve seen rumors and reports flying around about this Audi-led project previously. ItÂ’s been suggested that both Bentley and Porsche would be taking a bite, and these previous reports are ringing true. “With our current cars, we had to get into the engineering largely after they [the platforms] had been done,” Hallmark told Car. “The difference now is that with Artemis we're right in there at the beginning, helping define it. We're not leading it, but we're going to be a beneficiary of it” Audi has previously said the Artemis project/platform would be ready for prime time by 2024, so Bentley clearly already has its foot in the door if it intends to release a car in 2025 on the same chassis.  “Looking forward to electrification, we're going to have closer synergies with Audi,” Hallmark said. “But we will continue to have strong relationships with both brands [Audi and Porsche], and we see this as an opportunity, not a risk. No question – we are electrifying. And we need to find the best way to fast-track that, and to lead the technology charge.” Advanced Level 2 autonomous tech is expected to land with this platform, and we suspect there will be many other enhancements made even above and beyond what is currently possible with the PPE platform (underpinning both the Taycan and E-Tron GT). Artemis is also a project designed to yield much larger electric vehicles than what the VW Group currently has to offer. That fits BentleyÂ’s vision of a flagship SUV, and itÂ’ll also work nicely with a giant Audi offering.

Bentley to show Mulsanne Le Mans Limited Edition at Pebble Beach

We already knew Bentley was planning a new Le Mans Limited Edition for its flagship Mulsanne, but we finally have our first info and images for this new model that celebrates the 90th anniversary of the 24 Hours of Le Mans. Fortunately, since these two studio images surely don't do the Mulsanne proper justice, it will be unveiled this week at the Pebble Beach Concours d'Elegance, and we'll be there to check it out.
As a refresher, the Bentley Mulsanne Le Mans Limited Edition stands out with diamond-quilted leather on the seats and door panels, sport-tuned steering and suspension, special quad exhaust finishers and two-piece alloy wheels with a dark accent and triple-spoke design. Along with this commemorative Mulsanne, Bentley will also have the Continental Le Mans Limited Edition and the Continental GT3 racecar on hand for the festivities in Monterey.
Scroll down for more info on the Mulsanne, as well as some information on a few of the ultra-rare Bentleys that will be auctioned off this weekend.