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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

2021 Bentley Bentayga V8 First Drive | Not messing with success

The 2021 Bentley Bentayga V8 marks the first refresh for Bentley’s first and rather successful SUV. The company has sold more than 20,000 of them worldwide since its introduction just a few years ago. As such, Bentley didnÂ’t need to do much to keep it updated, nor did it. The refresh boils down to exterior and interior updates, and after spending some time with the updated Bentayga, it continues to be a brilliantly luxurious machine with impressive capability. The most obvious and significant changes are to the exterior styling, which has hardly been the Bentayga's strong point. There are new round headlights with a cut crystal design like on other recent Bentleys. The grille has been enlarged, and the front bumper has a sportier design with an integrated spoiler. On the side, the fender vent has been lengthened and mounted higher, while the rear now has slim oval taillights and oval exhaust outlets. Those taillights have the same kind of cut crystal design as the headlights. The changes are subtle but effective at sprucing up the Bentayga, but they also donÂ’t make existing Bentaygas look out of date. ItÂ’s a similar situation inside. The biggest changes are in the center of the dashboard. The upper air vents are thin and horizontal instead of circles, and they've been relocated with the dash clock to sit mostly on top of the dash instead of nestled into it. Below them is a larger, 10.9-inch infotainment system that spans the whole width of the center stack and looks better integrated than the old version. The back seats can be configured to have nearly 4 inches more legroom, and thereÂ’s a larger touchscreen remote and available rear air vents for the bench seat configuration. Beyond that, the interior is mostly the same, which is hardly a complaint. This is a Bentley, after all. Essentially every surface is wrapped in soft leather, adorned with rich wood trim or made of weighty knurled metal. And customers have access to a vast variety of colors and combinations to create a genuinely custom cabin. There are a few low-ish points. The infotainment system isnÂ’t the most responsive, and it can be a little tricky to find the menu you want. Also, and this is a bit of a car journalist nitpick, you can spot some bits pilfered from the Audi parts bin: the turn signal and washer stalks, the headlight knob, and the underlying menus and layout of the instrument panel.

Rough seas delay salvage operation for burning ship carrying luxury cars

LISBON — Rough waters forced authorities on Wednesday to postpone a salvage operation for a ship packed with luxury cars that have been on fire for a week in the middle of the Atlantic Ocean, a port official said. With teams unable to board the Felicity Ace, heavy tug boats sprayed water to cool the vessel, which is carrying around 4,000 vehicles, including Porsches, Audis, Lamborghinis and Bentleys. Lamborghini of America CEO Andrea Baldi told Automotive News that there were dozens of pre-sold Lamborghinis aboard, mostly the Urus SUV. But also some Huracans and Aventadors, the latter of which have ceased production. The ship's 22 crew members were evacuated last Wednesday, the day the fire began. Some of the vehicles are electric, and their lithium-ion batteries have made the fire very difficult to extinguish, port officials have said. Joao Mendes Cabecas, the captain of the nearest port on the Azorean island of Faial, said the blaze had lost its intensity — probably because there was little left to burn. Salvage teams hoped to board the ship, which is is adrift around 170 km southwest of the Azores near Portugal, to assess its condition and start preparing it for towing, the Portuguese navy said in a statement on Tuesday. The navy took photos of the ship that showed a gaping hole at least four decks high, with burn marks running the length of the ship. It is unclear if the vessel will be towed to the Bahamas or Europe. Cabecas told Reuters bad weather prevented the team from boarding the ship. Waves as high as 2.5 meters battered the coast of Faial on Wednesday, Portugal's weather agency IPMA said. The salvage team was expected to be flown to the ship on a helicopter belonging to the Portuguese air force, which will decide on Thursday if the operation can proceed, Cabecas said. Ship manager Mitsui O.S.K. Lines Ltd (MOL) said in a statement on Tuesday the vessel was still on fire but stable, and that no oil leak had been reported so far. It did not respond to a Reuters request for comment on the cause of the fire. Insurance experts said the incident could result in losses of $155 million.   Weird Car News Audi Bentley Lamborghini Porsche