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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 keeps it fresh for another dozen years [w/video]

The reveal of the EXP 10 Speed 6 concept is without a doubt the bigger news – maybe the most exciting thing the British automaker has shown in years – but it's not the only piece of new metal on display at the Bentley stand in Geneva this year. Alongside the sports car concept, Bentley is showcasing revised versions of just about its entire bread-and-butter lineup, including the Continental GT, Continental GTC and Flying Spur. The latter sedan may have only received some new trim inside and out (along with a subtly massaged engine), but the two-door models benefit from a raft of enhancements. Most notable is the side vent that now features a metallic B emblem, but the updated sheetmetal also includes a more pronounced character line along the flank, revised front-end styling, a reprofiled trunk lid and more. There are new wheels of course, and the more performance-oriented versions get a new rear diffuser. The inside hasn't been left alone either, and the W12 engine packs a bit more power and a cylinder deactivation system. Hardly groundbreaking stuff, but vital revisions, we're sure, to keep the Continental fresh after a dozen years on the market. Featured Gallery 2016 Bentley Continental GT Speed: Geneva 2015 View 14 Photos Related Gallery 2016 Bentley Continental family View 29 Photos Related Gallery 2015 Geneva Motor Show Videos View 25 Photos Image Credit: Live photos copyright 2015 Steven J. Ewing / AOL Geneva Motor Show Bentley Luxury Videos 2015 Geneva Motor Show bentley flying spur

Bentley designing SUV to reach 200 mph?

The 200 MPH Club was once populated entirely by exotic sports cars. These days it has expanded to include convertibles, sedans and even station wagons. But an SUV? Unthinkable, what with their aerodynamic profile approaching that of a barn door. Bentley, however, is out to change that with its forthcoming new sport ute.
Not only is the British automaker aiming to make its first SUV fully capable off road, it's also engineering it to be one of the fastest on the road as well. According to emerging reports coming in from the UK, Bentley is streamlining the SUV's shape with a lower roofline and reprofiled rear end and fitting it with advanced underbody aerodynamic aids in order to compensate for its over-six-foot width and get it up to the magic 200-mph mark.
Reaching out to Bentley for comment, its communications office wouldn't divulge such performance targets: "The SUV is in the engineering development stage, so unfortunately it's too soon to discuss performance figures," we were told via email. "It will of course have all the power and performance that one would expect from a Bentley!" If the information proves correct, however, at that speed, it would be able to keep pace with the faster members of the Continental family, but leave the Mulsanne flagship sedan (which is already approaching the size of an SUV) and its 185-mph top speed in the dust - not to mention the Porsche Cayenne Turbo S that is quoted at "only" 175 mph.