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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 Continental GT ice racer

Bentley has unveiled a new special edition of its Continental GT coupe with photos taken high in the Austrian Alps. On Monday, we were shown teasers of a Conti GT swathed in an eye-popping blue done up to look like an all-wheel-drive backcountry snow eater, and now all has been revealed. This particular Continental GT will be running in livery that pays homage to its fraternal twin, which won the Pikes Peak International Hill Climb in 2019 and shares the same factory-built, twin-turbocharged W12. The 6.0-liter engine offers 626 horsepower and 664 pound-feet of torque. Bentley says it'll do 0-60 mph in 3.6 seconds on the way to a top speed of 207 mph. Bentley says the the car’s three chamber air springs, 48V active anti-roll control system and iron brakes are entrusted with the cool running of the Continental GT on the purpose-built ice track — their pun, not ours.  Going further, a number of clues points toward an off-road-ish variant of the Continental GT. ThereÂ’s the more rugged-looking treatment of the lower front fascia, where the fog lights are now encased in black trim that also lines the wheel arches, and Pirelli tire logos are displayed prominently at each front quarter. ThereÂ’s also a ski rack on the roof, which may also feature front-illuminating LED lamps, and the coupe looks to have been lifted ever so slightly. Junior World Rally Championship driver Catie Munnings will take to the wheel of the Bentley Continental GT at the 2020 GP Ice Race in Zell am See. The FIA European Rally Championship Ladies Trophy winner will be the first woman to race a Bentley in the modern era, the automaker said.  Bentley teased the new racer Monday on twitter: Spotted today in Kitzbuhel, Austria...anyone want to guess what this is? WeÂ’ll reveal all on Tuesday...#Bentley #ContinentalGT pic.twitter.com/u3ltMdw4LI — Bentley Motors Comms (@BentleyComms) January 25, 2020 This is the latest fruit of BentleyÂ’s collaboration with Italian ski-maker Bomber Ski, with whom Bentley recently partnered to offer limited-edition co-branded $2,750 skis and a ski-and-drive experience in March in Telluride, Colorado and Park City, Utah, starting at a cool $17,950. Bomber Ski counts former U.S. skiing phenom and Olympic gold medalist Bode Miller as one of its principals. WeÂ’ve seen the No. 9 on a Bentley before, with the limited-edition Number 9 Edition by Mulliner unveiled last March as part of BentleyÂ’s centennial celebration. The number nods to the No.

VW Group shareholders demand Bentley return to profit

The Volkswagen Group's main shareholders are giving British ultraluxury division Bentley an ultimatum to turn around its finances and start earning a profit. The Piech and Porsche families did not say what would happen if the brand fails to return to the black, but they said it should happen within two years. "The important thing is for every (VW Group) brand to generate a reasonable contribution again," Wolfgang Porsche told the subscription-only Frankfurter Allgemeine Zeitung, as relayed by Automotive News. "That is not currently the case at Bentley, and we are not satisfied." Volkswagen Group has not yet issued its report for full-year 2018, but Bentley had lost the equivalent of $157 million through the first nine months on an 11 percent decline in sales. In 2017, Bentley sold 10,566 vehicles globally, with revenue down 9.2 percent from 2016. VW Group apparently cites the slow rollout of the Continental GT and the British pound's lower value amid Brexit talks, which makes the many parts it sources from continental Europe more expensive, as among the reasons. A German study last summer claimed that Bentley lost a little more than $19,000 on each car. Adrian Hallmark started as CEO in February 2018 after heading global brand strategy for Jaguar. Bentley in 2018 released the all-new 2019 Continental GT after a nine-month delay, and it revealed the GTC convertible version in Los Angeles. Hallmark has said 2019 "is a conversion year to a better business model" after a year plagued by problems that also included European WLTP certification. He announced last year the luxury brand would no longer build new sports cars, though the brand says it's still committed to the idea of the two-door GT. Bentley has also said it wants electrified versions of all its models by 2025, which will be an expensive proposition and will likely including plug-in hybrid versions of current models.