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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

2016 Bentley Continental GT First Drive [w/video]

I'm standing at the edge of a cliff, speechless. I'm looking at the Trollstigen – a serpentine pass with 11 hairpin turns, running down the side of a mountain in western Norway. I've seen this road before in photos, but in person, I'm both giddy and in awe. The pavement looks like haphazardly draped garland on this perfect bit of sculpted land. The Trollstigen ("Trolls' Path" in English) is a huge tourist attraction, and I can see why. But I'm about to have way more fun than the pedestrians who made their way to the summit in buses and shuttles. I'm going to drive this road. In a Bentley. The crew in Crewe claim their Continental GT is the finest grand tourer in the world. And along the Trollstigen, not to mention the other winding roads in western Norway, that's easy to believe. The Continental is big and beautiful. It's supremely comfortable. It has everything a driver or passenger could ask for. And good golly, is it powerful. Bentley introduced the Continental GT in 2003, with a second generation arriving in 2011. For better or worse, the changes for 2016 are minor. This isn't an all-new Conti, rather a light refresh in order to bolster what the big Bentley already does well. I'm not sure if these updates – particularly the front fascia – improve upon the original formula. The most obvious change for 2016 is the front bumper. It's been restyled to incorporate more aggressive fenders and a lower air intake that spans the full width of the car. Around back, there's a subtle lip spoiler built into the deck lid. V8 S and Speed models get a new rear diffuser. Fancy new side vents are present on all models, with a big metallic "B" shape. Finally, new 20- and 21-inch wheel options are available, including attractive directional alloys available on GT Speed models. But I'm not sure if these updates – particularly the front fascia – improve upon the original formula. Less obvious are the interior updates. There are new colors, as well as a straight-fluting pattern on the seats (GT Speed models get a super luxurious quilted pattern). LED lights accent the cabin. The lighting in the instrument panel and on the center stack is brighter and more crisp. You can get WiFi in the car, and can connect up to eight devices at once. But these improvements don't fix longstanding grievances with the Continental interior. For starters, the infotainment system is horrendously outdated and slow to respond.

Bentley designer says electric Bentley coming ‘not so far in the future’

Bentley lead designer Stefan Sielaff told Auto Express, "A full electric Bentley is something I am extremely convinced we have to do." He essentially confirms a Bentley EV by saying, "It will happen not so far in the future." We can look at the designer's comments as a near-final declaration on an undertaking the English carmaker's been considering for the past few years. Don't look for a production run of the EXP 12 6e concept shown at last year's Geneva Motor Show, though. Based on Sielaff's comments and a process of elimination, AE expects an electric four-door coupe. Instead of the PPE electric architecture Porsche and Audi are developing, Bentley would use the J1 architecture beneath the Mission E. The most powerful Mission E trim should put out close to 700 horsepower, a proper figure to begin discussions concerning an offering from The Flying B. A report from two years ago said a larger, 115-kW battery supplying two 375-horsepower motors in back and a 186-motor in front would give 936 hp and a potential 500-mile range. Beyond that, insiders supposedly spoke of a 150-kW battery to come in 2022, which would bring with it astronomical numbers. When asked what kind of vehicle Sielaff had in mind, the designer said he envisioned "a completely fresh and new development" that is "not imitating another concept." The alternative propulsion, Sielaff said, would give him and his team "a great chance to establish a completely new design language for the company." His ideal chariot would have four or five seats, "the possibility to carry a little bit of luggage," "a certain coupe style or sportivity," and definitely not an SUV. Those are about all the words one would use to describe a four-door coupe without saying the words "four-door coupe." Before the recent executive shuffle, previous brand CEO Wolfgang Durheimer told AE he expected a company EV to get around 600 hp and travel up to 310 miles on a charge. Wireless charging would be a major consideration as well, since grubby charging plugs don't mix well with white gloves. New brand boss Adrian Hallmark was told to invest in the brand instead of focusing exclusively on the numbers, and the EV initiative is about recasting Bentley as a luxury and technology brand, and appealing to younger customers. The next-generation Continental GT will get a PHEV drivetrain, and the Crewe manufacturer plans to have its entire range electrified by 2025.