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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

2020 Bentley Bentayga Hybrid is less efficient on the highway than V8 version

Official EPA fuel-economy ratings are out for the 2020 Bentley Bentayga Hybrid, the luxury brand’s first electrified offering, and they donÂ’t exactly bathe the crossover in a green light. As spotted by Green Car Reports, the plug-in performs worse on the highway than its V8-powered combustion sibling. The EPA rated the Bentayga Hybrid as delivering 18 miles in all-electric range, which is two miles more than Bentley previously touted, and a combined 19 miles per gallon in hybrid mode, which is indeed the most efficient of the three Bentayga versions offered. ItÂ’s rated at 17 mpg city and 21 on the highway. By contrast, the 4.0-liter twin-turbo V8 version of the luxury crossover offers just 17 mpg combined, yet it delivers 23 mpg on the highway. Its overall EPA-rated highway range also beats the Hybrid, at 518 miles to 430 miles on a full charge and tank. The Bentayga Hybrid combines a turbocharged 3.0-liter V6 and a 94 kilowatt electric motor that also functions as a generator. The system combines for 443 horsepower and 516 pound-feet of torque, with a 5.2-second 0-60 mph time. It sends that through an eight-speed automatic transmission driving all four wheels. Curb weight is a hefty 5,709 pounds. Base price starts at $160,000. The V8, by comparison makes 542 hp, nearly 100 more ponies, and 568 lb-ft, with a 0-60 mph of 4.4 seconds. It will set you back $171,025. At any rate, both versions are well below the 27 combined mpg of the average 2020 vehicle, according to the EPA. The HybridÂ’s fuel economy ratings suggest that buyers may be motivated less by concerns about carbon footprint than conveying the appearance of having those concerns. Bentley has said its first full electric vehicle will be a dedicated model that will arrive in 2025 at the earliest, and possibly with a solid-state battery pack. Related Video:

The mood at this year’s Paris Motor Show: Quiet

The Paris Motor Show, held every other year in the early fall, typically kicks off the annual cavalcade of automotive conclaves, one that traverses the globe between autumn and spring, introducing projective, conceptual and production-ready vehicle models to the international automotive press, automotive aficionados and a public hungry for news of our increasingly futuristic mobility enterprise. But this year, at the press preview days for the show, the grounds of the Porte de Versailles convention center felt a bit more sparsely populated than usual. This was not simply a subjective sensation, or one influenced by the center's atypically dispersed assemblage of seven discrete buildings, which tends to spread out the cars and the crowds. There were not only fewer new vehicles being premiered in Paris this year, there were fewer manufacturers there to display them. Major mainstream European OEM stalwarts such as Alfa Romeo, Fiat, Nissan and Volkswagen chose to sit out Paris this year, as did boutique manufacturers like Bentley, Aston Martin and Lamborghini. This is not simply based in some antipathy on the part of the German, British and Italian manufacturers toward the French market — though for a variety of historical and societal reasons that market may be more dominated by vehicles produced domestically than others. Rather, it is part of a larger trend in the industry. Last year, Mercedes-Benz announced that it would not be participating in the flagship North American International Auto Show in 2019 — and that it might not return. Other brands including Jaguar/Land Rover, Audi, Porsche, Mazda and nearly every exotic carmaker have also departed the Detroit show. Some of these brands will still appear in the city in which the show is taking place, and host an event offsite, to capitalize on the presence of a large number of reporters in attendance. And even brands that do have a presence at the show have shifted their vehicle introductions to the days before the official press opening in an attempt to stand out from the crowd. In many ways, this makes sense. With an expanding number of automakers, with diversification and niche-ification of models and with wholesale shifts that necessitate the introduction of EV or autonomous sub-brands, there is a growing sense that, with everyone shouting at the same time, no one can be heard.