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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

2019 Bentley Continental GT First Drive Review | A grand tourer learns to dance

The Austrian Alps are a curious venue to show off that great hunter of the highways, the Bentley Continental GT. With deep green forests and soaring thrusts of exposed rock, the Alps are one of those few places where the natural world still reigns supreme. Humanity isn't going to change this place much. You can forget about six-lane freeways blasted through rock — the only way to get around is on narrow, twin lanes. True to its name, the coupe is perhaps the truest grand touring car on the market — comfort happily married to speed. I once logged a personal best time between New York City and Boston in a base GT, despite a pounding nighttime rain. Even that miserable East Coast route felt easy in the GT, which eats through highway miles in a peculiarly relentless fashion. It was born for distance. This is our first drive of the new, third-generation car, which won't be sold in North America for another year, at a starting price of $214,600. We've been told it is a changed machine — a GT still, but with more nimbleness. And now we're about to find out, having left behind quaint Austrian villages for a steep mountain road that switchbacks up toward the clouds. It's everything you hope and dream when you fantasize about the Alps. Before me is a straightaway interrupted by a quick left-right bend and an uphill switchback. A small twist of hands on the nicely weighted steering wheel and the Bentley jukes through the left-right fluidly; no need to brush the brakes until we're right up to the hairpin. Then a firm push on the stoppers and a full lock of the steering wheel and — listen to that! — tire noise from the 21-inch Pirellis as we get back on the gas early. The car stays remarkably flat despite the camber of the turn. I snap open my hands and flat-foot the accelerator. Another hairpin beckons just beyond. And so it goes, the Conti welcoming a full-throated uphill attack. We get to the top and begin the fall back down the mountain, which is even more illuminating. This is the model with the W12 — the only one available at launch, notorious for carrying too much weight in its nose. Take a previous generation on a tight downhill route and you wrestle the grille through the turns, giving up entry speed to mitigate inevitable front-end push. It was a point-and-shoot car, relying on good brakes and ample power to make up lost time through the turns. This new generation is a momentum machine. There is a newfound rhythm and flow. It is deft and it is nimble.

Ferdinand Piech (1937-2019): The man who made VW global

Towering among his peers, a giant of the auto industry died Sunday night in Rosenheim/Upper Bavaria, Germany. Ferdinand Piech, a grandson of Ferdinand Porsche, who conceived the original Volkswagen in the 1930s, was the most polarizing automotive executive of our times. And one who brought automotive technology further than anyone else. Ferdinand Porsche had a son, Ferdinand (called "Ferry"), and a daughter, Louise, who married the Viennese lawyer Anton Piech. They gave birth to Ferdinand Piech, and his proximity to two Alfa Romeo sports cars — Porsche had done some work for the Italians — and the "Berlin-Rome-Berlin" race car, developed by Porsche himself, gave birth to Piech's interest in cars. After his teachers in Salzburg told his mother he was "too stupid" to attend school there, Piech, who was open about his dyslexia, was sent to a boarding school in Switzerland. He subsequently moved on to Porsche, where he fixed issues with the 904 race car and did major work on the 911. But his greatest project was the Le Mans-winning 917 race car, developed at breathtaking financial cost. It annihilated the competition, but the family had had enough: Amid growing tension among the four cousins working at Porsche and Piech's uncle Ferry, the family decided to pull every family member, except for Ferry, out of their management positions. Piech started his own consultancy business, where he designed the famous five-cylinder diesel for Mercedes-Benz, but quickly moved on to Audi, first as an engineer and then as CEO, where he set out to transform the dull brand into a technology leader. Piech killed the Wankel engine and hammered out a number of ambitious and sophisticated technologies. Among them: The five-cylinder gasoline engine; Quattro all-wheel drive and Audi's fantastic rally successes; and turbocharging, developed with Fritz Indra, whom Piech recruited from Alpina. The Audi 100/200/5000 became the world's fastest production sedan, thanks to their superior aerodynamics. Piech also launched zinc-coated bodies for longevity — and gave diesel technology a decisive boost with the advent of the fast and ultra-efficient TDI engines. Less known: Piech also decided to put larger gas tanks into cars. Customers loved it. Piech's first-generation Audi V8 was met with derision by competitors; it was too obviously based on the 200/5000.