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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 Mulliner Batur celebrates the W12, previews EV style

Bentley has revealed its second special Mulliner coach-built model, and it represents a crossroads for the brand. It's called the Bentley Mulliner Batur, and it's a sendoff for the core engine for Bentley, the twin-turbo W12. It's also a sign of things to come. The styling you see here will be adapted for Bentley's future electric cars. The car is clearly Bentley right from the get-go. It has the long front end, the prominent, rounded rectangular grille, rearward placed cabin and wide, flowing rear fenders. But it has a more aggressive look than some recent Bentleys. The grille looks as though it's leaning more forward. Instead of round headlights, it has sweptback units that look like eagle eyes. The rear glass, instead of kicking up, stays low along the belt line. The tail has almost a boattail look and has slender taillights. It's Bentley, but it's also new. The inside is clearly closely related to the Continental GT, which is no bad thing. But it can be set apart with special materials. Buyers of the Batur will have the ability to customize almost every aspect of the car with different leathers from different locations, different interior trimmings and upholstery designs. Bentley is offering some very unique materials, too. Metal pieces such as the organ stop vent switches can be made from titanium or even 3D-printed 18-karat gold. Some of the interior trim can be made from a natural fiber composite, which is like carbon fiber, but made from naturally occurring fibers rather than synthetically created carbon. The natural fiber can be used for the front splitter, side skirts and rear diffuser as well. And of course the exterior can be customized with just about any paint and graphics imaginable. Bentley says that the Batur is powered by the most powerful iteration of the twin-turbo 6.0-liter W12 yet. It makes 730 horsepower and 738 pound-feet of torque. It's paired with adaptive air suspension, active anti-roll bars, all-wheel drive, four-wheel steering, an electronic limited-slip differential and torque vectoring to help it handle as well as it can go in a straight line. Stopping it are a set of carbon silicon carbide brakes with 10-piston front brake calipers and four-piston rears. Only 18 Baturs will be built, and they're all spoken for. Pricing started at 1.65 million British pounds, or $1.95 million. Though there will only be a few of these Baturs, keep an eye out for its design to show up in the Bentley EVs that are coming starting in 2025.

Bentley Bentayga crossover prototype keeps on strippin'

The Geneva Motor Show is over, and the stunning EXP 10 Speed 6 concept has had its moment in the limelight. But now it's back down to business for Bentley. That means working on getting its new Bentayga crossover to market, and from these latest spy shots, it seems that's exactly what the British automaker is up to. Pictured here wearing less clothing than ever before, the Bentayga looks pretty darn near ready for its debut. The pre-production prototype even has its full leather seats in place, with plastic covers to protect them as the development drivers (like the one trying his darnedest to block the shots) do their thing. Of course there are still some parts hidden from view, with thin foil covering the headlights, taillamps and rear quarter windows. There's also something weird going on with those gills on the rear door. And the wheels are likely to be replaced as the rest of the trim is installed. But by and large, what you see here is what the production version is expected to look like, sans the polish. Related Video: