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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 unveils 202-mph Continental GT Speed Convertible

That purple haze all in your eyes is the 2013 Bentley GT Speed Convertible. The cynical view is, "Bah, take a GT Speed and cut the top off. There. Pass the salt, please...". But when you're Bentley, more than 90 years old, and charging these kinds of ducats, there's no reason to take the cynic's shortcut. So of course the GT Speed Convertible gets all of the Speed-family accoutrements: matrix radiator grille hiding a twin-turbocharged, 6.0-liter W12 with 616 horsepower and 590 pound-feet of torque, eight-speed ZF transmission enabling 15 percent better fuel economy, beefier lowered suspension, larger rifled exhaust tips, inlet manifold finished in black crackle and a Mulliner Driving Specification cabin.
Among the many refinements added to the convertible, though, are neck warmers in the seats, the 21-inch wheels unique to this car, class-leading stiffness - admittedly, it's a very small class, but its torsional rigidity of 22,500 Nm/degree is only 500 Nm below that of the Lamborghini Gallardo coupe. The stiffening required to achieve that number will undoubtedly have something to do with the 485-pound weight gain over the GT Speed Coupe.
Still, when the GT Speed Convertible weighs 5,500 pounds, what's a few hundred between friends? More importantly, the weight doesn't scuttle performance: 0-60 comes in 4.1 seconds, a tenth shy of the coupe. The gap stretches as you approach The Ton, the GT Speed Convertible needing just 9.7 seconds to get there, the coupe just nine seconds. Trust us, though, everyone will be too busy blasting along to notice. Everyone will want to pack light, however, because the Speed Convertible loses 3.5 cubic feet of trunk space. It remains the fastest four-seat convertible in the world with a 202-mph top speed.

Face-lifted Bentley Bentayga bares it all on Instagram

Bentley's updated Bentayga unofficially made its global debut on Instagram. Leaked images confirm the company's best-selling model receives a subtly redesigned front end, and a handful of new tech features inside. Instagram user Wilco Blok posted the four images. Some look like they were scanned from a marketing brochure, while others were seemingly taken by a spy photographer. The quartet gives us a decent idea of what to expect from the SUV, starting with a new-look front end that gains oval headlights, a wider grille that's more neatly integrated into the rest of the fascia, and a reshaped lower bumper. The nip-and-tuck creates a visual link between the Bentayga and the Continental GT. Photos of its rear end weren't leaked.           View this post on Instagram                       A post shared by WILCO BLOK (@wilcoblok) on Jun 17, 2020 at 2:06am PDT Most of the interior changes seem to be technology-related. Bentley added a fully digital instrument cluster, and a wider touchscreen that displays an updated infotainment system. Above it, the climate control system's vents are now rectangular instead of round. Below it, designers rearranged the buttons on the center stack. Odds are there are other tweaks not shown in the leaked images. Something else that remains to be seen is what the face-lifted Bentayga looks like under the hood. It's currently offered with a 4.0-liter V8 rated at 542 horsepower, a 6.0-liter W12 available with 600 or 626 horses, and a 456-horsepower plug-in hybrid drivetrain built around a 3.0-liter V6. These specifications could look a little bit different when the model breaks cover. Bentley hasn't commented on the images, and it hasn't announced when it will reveal the updated Bentayga yet. However, now the cat is out of the bag, an official introduction will likely take place sooner rather than later. Related Video: