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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

EVs still burning aboard ship carrying luxury cars near Azores

LISBON — Heavy tug boats on Tuesday sprayed water on a burning ship carrying thousands of Porsches and Bentleys adrift off the coast of Portugal's Azores islands, the ship's manager said in a statement. The Felicity Ace, carrying around 4,000 vehicles including Porsches, Audis and Bentleys, some with lithium-ion batteries, caught fire on Wednesday last week. The 22 crew members on board were evacuated the same day. Ship manager Mitsui O.S.K. Lines Ltd (MOL) said in a statement the vessel was still on fire but stable, and that no oil leak had been reported so far. It also said the ship was drifting further from the Azores islands in the Atlantic Ocean. Two large tug boats equipped with firefighting gear arrived from Gibraltar on Monday, and were working with another patrol boat to spray water at the Felicity Ace and cool it down, MOL said. The arrival of two other tug boats with more firefighting equipment is scheduled for Feb. 23 and Feb. 26. "Together with the all relevant parties, MOL is making every effort to contain the damage and resolve the situation as soon as possible," MOL said. Joao Mendes Cabecas, the captain of the nearest port on the Azorean island of Faial, said on Sunday the fire had lost its intensity, probably because there was little left to burn. Cabecas said as the fire subsides and the structure cools down, firefighting teams and technicians might be able to board the vessel to prepare to tow it either to Europe or the Bahamas. "When conditions are safe the salvage team will board the Felicity Ace for an initial assessment," MOL added. Cabecas told Reuters over the weekend the lithium-ion batteries in the electric vehicles were "keeping the fire alive." It was not clear whether the batteries had caused the fire. MOL did not immediately respond to a Reuters request for comment on the cause of the fire. Volkswagen, which owns the car brands, said on Monday it did not have any further information to share. Green Bentley Porsche Volkswagen Electric Luxury ev fire

Bentley targets audiophiles with custom Continental at CES

Bentley brought a unique version of its Continental GT V8 S to CES this year, packing a unique sound system crafted by the audio trendsetters at Monster. And with it, Bentley's Mulliner customization department outfitted the luxury status symbol in singular style. The Monster by Mulliner features 16 speakers and 3,400 watts of aural stimulation for an in-car audio system not offered for production. In addition to the surround sound system, Mulliner decked the Conti out in Onyx black with red accents and gloss black wheels hiding red brake calipers. The interior features a custom 3D laser-etched dashboard panel and piano black trim as well as specific embroidery and tread plates. It even has a pair of 24-karat gold wireless headphones housed in a special compartment inside. The result is a decidedly different take on the ubiquitous luxury car than the stone veneer panels that Mulliner most recently announced. Bentley suggests in the statement below that the Monster by Mulliner will be offered as a limited edition, "designed to appeal to young professional athletes and musicians." It's certainly not for the timid, but we wouldn't be surprised to see them popping up in music videos and the parking lots outside stadiums in the near future. Related Video: BENTLEY AND MONSTER DEBUT "MONSTER BY MULLINER" CONTINENTAL GT V8 S FEATURING PURE MONSTER SOUND AT CES 2016 IN LAS VEGAS - Handcrafted by Bentley's Mulliner Division and inspired by Monster - Spectacular limited production vehicle designed to appeal to young professional athletes and musicians (Crewe / Las Vegas, NV, January 6 2016) Monster, the world leader in high-performance audio, has teamed up with Bentley Motors' bespoke coach-building division, Mulliner, to create a stunning and uniquely Monster-inspired "Monster by Mulliner," which makes its debut at CES 2016. The show-stopping Bentley Continental GT V8 S, which reflects Monster's attitude of "Always Lead, Never Follow," is designed to appeal to the target market of young professionals and movers and shakers in sports and music. The "Monster by Mulliner" Continental GT V8 S is a bespoke vehicle that will inspire those who want a ride with a bold look and incredible audio performance designed by Monster. Monster's latest innovations in audio technology bring the power of today's music into this Bentley's luxurious cabin.