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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 Continental GT3 Pikes Peak car's wheel can be used for games

As video games become ever more realistic, the lines between driving real cars and their virtual counterparts gets blurrier. And that line is at its blurriest with the steering wheel used in the Bentley Continental GT3 Pikes Peak race car. Not only is it a wheel for the race car, but it can be used for playing racing simulators, too. Bentley collaborated with video game steering wheel manufacturer Fanatec to make the unit for the Pikes Peak racer. It's impressive simply as a car wheel, as it's made from magnesium and carbon fiber. The grips are covered in Alcantara, including the removable lower section designed to give the driver more leverage around hairpins. The rotary switches are CNC-machined aluminum with Bentley's knurling design. In the middle of it all are LED rpm indicators and a 3.4-inch circular display that shows current gear selection and driver settings. But a quick disconnect from the Bentley's steering column, and wheel can be carried over to a Fanatec steering wheel base and reconnected for virtual fun. In this setup, the screen can show various in-game telemetry and information, and the buttons can be programmed for various functions. Though availability and pricing haven't been announced, you'll be able to purchase your own example of this wheel. Considering the materials and functionality, it will probably be quite pricey, but certainly one of the more unique and usable automotive collectibles ever created. Even if you don't want to use it for video games, it comes with a stand that turns it into a display piece, and the center screen can act as a watch or show map and telemetry from laps of race tracks. We suspect you could also use it as an actual steering wheel in a car, assuming you have a compatible quick release. Though, depending on the car, you might not be able to use all the switches, paddles or even the screen. Still, it would be cool and probably a quality piece. Related Video:

New Prius, Bentley Bentyaga, Rolls-Royce Dawn | Autoblog Minute

Bentley and Rolls-Royce introduce new luxury vehicles and Toyota revealed its latest Prius. Autoblog Senior editor Greg Migliore reports on the Weekly Recap edition of Autoblog Minute. Bentley Rolls-Royce Toyota Convertible SUV Hybrid Autoblog Minute Videos Original Video bentley bentayga rolls-royce dawn