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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 First Drive [w/video]

I'm standing at the edge of a cliff, speechless. I'm looking at the Trollstigen – a serpentine pass with 11 hairpin turns, running down the side of a mountain in western Norway. I've seen this road before in photos, but in person, I'm both giddy and in awe. The pavement looks like haphazardly draped garland on this perfect bit of sculpted land. The Trollstigen ("Trolls' Path" in English) is a huge tourist attraction, and I can see why. But I'm about to have way more fun than the pedestrians who made their way to the summit in buses and shuttles. I'm going to drive this road. In a Bentley. The crew in Crewe claim their Continental GT is the finest grand tourer in the world. And along the Trollstigen, not to mention the other winding roads in western Norway, that's easy to believe. The Continental is big and beautiful. It's supremely comfortable. It has everything a driver or passenger could ask for. And good golly, is it powerful. Bentley introduced the Continental GT in 2003, with a second generation arriving in 2011. For better or worse, the changes for 2016 are minor. This isn't an all-new Conti, rather a light refresh in order to bolster what the big Bentley already does well. I'm not sure if these updates – particularly the front fascia – improve upon the original formula. The most obvious change for 2016 is the front bumper. It's been restyled to incorporate more aggressive fenders and a lower air intake that spans the full width of the car. Around back, there's a subtle lip spoiler built into the deck lid. V8 S and Speed models get a new rear diffuser. Fancy new side vents are present on all models, with a big metallic "B" shape. Finally, new 20- and 21-inch wheel options are available, including attractive directional alloys available on GT Speed models. But I'm not sure if these updates – particularly the front fascia – improve upon the original formula. Less obvious are the interior updates. There are new colors, as well as a straight-fluting pattern on the seats (GT Speed models get a super luxurious quilted pattern). LED lights accent the cabin. The lighting in the instrument panel and on the center stack is brighter and more crisp. You can get WiFi in the car, and can connect up to eight devices at once. But these improvements don't fix longstanding grievances with the Continental interior. For starters, the infotainment system is horrendously outdated and slow to respond.

Finally, a Bentley Bentayga just for falconers

Bentley is a company that knows what its customers want. For a price, they will turn a customer's desires into a six-figure rolling testament to wealth and excess. Mulliner, Bentley's in-house coachbuilding division, will adapt and modify their products for any taste or hobby. If fly fishing is your thing, Bentley and Mulliner have you covered. If falconry is more up your alley - it is the sport of kings - Bentley has you covered there too. The new Bentley Bentayga Falconry by Mulliner is the perfect vehicle for any well-to-do falcon enthusiast. Not only does it have plenty of accessories and storage specifically tailored for falconers, the dash contains a beautiful, 430-piece wood inlay that displays a saker falcon soaring far above the desert. The scene took nine days to craft, undergoing cutting, sand shading, pressing, and double cutting. A wide variety of woods are used, including chestnut, eucalyptus pommele, holly, lacewood, maple, olive ash, and ripple sycamore. Up front, the Bentayga is fitted with a cork perch on the center console, flanked by the front seats. The hatch contains the real prize. Two cork chests - a flight station and a refreshment case - are fitted perfectly in the Bentayga's hatch. The pair sit on a movable tray for easier access. The flight station has a piano black veneer drawer that holds accessories like a GPS bird tracking unit, binoculars, and handcrafted leather bird hoods and gauntlets. These of course can be had as an additional option. Two additional perches are stored out back. With the hatch lifted, falcons can be prepared out back in the shade. All of this can be had for a price that's most likely far more than you probably think it is. Bentley isn't releasing numbers, but if you're buying a bespoke Bentayga, the cost is simply just another number. Related Video: Featured Gallery Bentley Bentayga Falconer View 37 Photos News Source: Bentley Design/Style Bentley SUV Luxury bentley bentayga