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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 Rhys Millen's Pikes Peak Continental GT for record attempt

At the end of it all, Rhys Millen might end up owning every Pikes Peak car record that exists. He's time-trialed the perilous mountain road in several wildly different types of vehicles, such as a Hyundai Genesis coupe racecar, the Hyundai RMR PM580-T, the Drive eO PP01 electric racecar, and a Bentley Bentayga. For 2019, Millen's at it again, and he's sticking with his new team at Bentley. On June 30, Millen will gun for the production car record time in a Continental GT. That Millen will drive a Continental GT is not exactly breaking news, as it was first announced in March. However, this is the first time Bentley has shown off the Continental GT's attention-catching Pikes Peak outfit. A matte bright green covers most of the car, with a geometric mountain range crawling up the midsection through the rear. In addition to sponsor stickers from Mobil 1 and Gran Turismo, the GT also wears No. 100 as a nod to the company's 100th anniversary. Millen will try to push the Continental GT from 9,300 feet above sea level to 14,100 feet faster than 10:26.9, the hill climb record for a production car. He'll be working against the GT's 5,985-pound gross vehicle weight, but that shouldn't be a problem with a twin-turbocharged 6.0-liter W12 under the hood. The Continental GT, which will race stock aside from safety equipment, is rated at 626 horsepower at 6,000 rpm and 664 lb-ft of torque at 1,350 rpm. It comes from the dealership claiming a 0-to-60 mph time of 3.6 seconds and a 207-mph top speed. An active all-wheel-drive system and Bentley Dynamic Ride should help Millen keep the car under control during turn after turn after turn up the mountain. If Millen succeeds, it would be a huge victory for Bentley, which would then own the production SUV and car records. Rolls-Royce can't do that.

Recharge Wrap-up: Panasonic, Tesla on Gigafactory deal?

Bentley has been awarded the Carbon Trust Standard for reductions of carbon, water use and waste production in manufacturing. The Carbon Trust is an organization that helps groups such as businesses and governments reduce carbon emissions, use of energy and resources, and waste output. From 2011 to 2013, Bentley reduced CO2 emissions by 16 percent per car manufactured, curtailed water use by 35.7 percent, and saw significant waste reductions. Darran Messem of Carbon trust says, "Bentley is clearly passionate about continuing to improve its environmental performance, which is reflected by the fact the company has consistently invested in new technology." Read more in the press release below. Chevrolet is giving 12 Volts to MBAs Across America. The organization will use the range-extended electric cars in its efforts to help MBA students learn from and work with small business owners. As part of the MBAs Across America program's first year, four students drove 8,000 miles to provide entrepreneurs with free business counseling. The program has expanded, and this year, teams of MBAs will use the Volts to travel to 25 cities to offer their services. Learn more about the partnership between Chevrolet and MBAs Across America in the press release below. A professor from the University of Michigan has found fuel cycle analysis to be too flawed to be relied upon for measuring CO2 impacts of transportation fuels. Professor John DeCicco of the university's Energy Institute feels that the flaws in calculating the carbon footprint of liquid fuel production and combustion make such lifecycle analysis impractical. He suggests, instead, to focus to carbon capture. Since capturing CO2 directly from a vehicle is probably never going to happen, DiCicco believes the solution is to capture carbon from the atmosphere in sectors outside of transportation. Says DiCicco, "Research should be ramped up on options for increasing the rate at which CO2 is removed from the atmosphere and on programs to manage and utilize carbon fixed in the biosphere, which offers the best CO2 removal mechanism now at hand. Such strategies can complement measures that control the demand for liquid fuels by reducing travel activity, improving vehicle efficiency and shifting to non-carbon fuels." Read more at Green Car Congress. Global transportation energy consumption is expected to increase by 25.4 percent by 2035, according to a report by Navigant Research.