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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 to call its upcoming crossover Bentayga?

Development of Bentley's forthcoming utility vehicle is almost complete, and the British automaker has painted a vivid picture of what to expect: otherworldly luxurious, a range of powertrains including a twelve-pot and a hybrid, and a price tag that is sure to eclipse any other SUV or crossover on the market. One of the biggest questions still remaining, however, is what Bentley will call the thing, but we might have our answer right here. According to Autovisie (the car section of Dutch newspaper De Telegraaf), Bentley has registered the name Bentayga – taken from a rock formation on Gran Canaria in the Canary Islands, that Spanish archipelago off the coast of Morocco. The concept was originally showcased as the EXP 9 F. Though that handle was never expected to make it to production, the F supposedly stood for Falcon, leading to speculation that the final version would carry that name. But if the trademark application is anything to go by, we could be looking in the end at the Bentley Bentayga. Featured Gallery Bentley SUV: Spy Shots View 10 Photos News Source: AutovisieImage Credit: CarPix Bentley Crossover Luxury patent trademark bentley bentayga bentley exp 9 f bentley falcon

New Bentley Continental GT debuts next month with hybrid power

Bentley has a new Continental GT coming next month, but it won’t arrive with the gas-only 8- or 12-cylinder engines seen in years past. The fourth-generation car will get BentleyÂ’s new Ultra Hybrid Performance powertrain, a plug-in hybrid system that delivers big power from a V8 combined with an electric motor. The automaker claims 771 horsepower and around 738 pound-feet of torque from the electrified powertrain, saying that it will make the new GT “the most powerful and most dynamically capable Bentley road car in the companyÂ’s 105-year history.” For reference, the current GTÂ’s W12 engine produces 650 horsepower and 664 pound-feet of torque, propelling the car to 60 mph in 3.5 seconds. The current V8 makes 542 horsepower and 568 pound-feet of torque. Bentley didnÂ’t give acceleration numbers for the new model, but with more than 100 additional horsepower and more than 70 extra pound-feet of torque over the W12, it should be noticeably quicker. Bentley also claims the Continental GT will have 50 miles of electric-only range and carbon dioxide emissions of under 50 grams per kilometer. Power will continue to go through all four wheels along with torque vectoring and an electronic limited-slip differential. Bentley will also include more trick features such as four-wheel steering and its 48-volt electronic active anti-roll control. The automaker may continue offering a gas V8 as an entry point to the line, but hasn't confirmed it either way. The Continental GT comprises a third of BentleyÂ’s overall sales, with almost 100,000 units sold in its more than 20-year run on the market. That popularity is reflected in the number of GT variants Bentley offers, though we donÂ’t yet know how and where the hybrid will be positioned in the GT catalog. Prices will likely climb a bit to start around $250,000 and could reach the mid-$300,000 range at the top.