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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 seasons the Continental GT and Bentayga with carbon fiber pack

Because Bentley is Bentley, and nothing it offers is "regular," it has a different name for select features available on its vehicles. Rather than calling these options or packages, they are called "specifications." One of the specifications available on the Continental GT, Continental GT Convertible and the Bentayga is called the Styling Specification, and it brings gloss carbon fiber elements to these cars' exteriors.  Both the Bentayga and the Continental GT have numerous Specifications available for extra purchase. The Bentayga is available with a Blackline Specification, All Terrain Specification, City Specification, Event Specification, Smoker's Specification, Sunshine Specification and the Touring Specification. In addition to the Smoker's, City and Touring Specs, the Continental GT also offers the Diamond Knurling Specification, Mood Lighting Specification and Front Seat Comfort Specification. The Styling Specification, though developed to align with the vehicles' aerodynamics, are intended to create a visual impact, as the name suggests. This package uses high-gloss carbon fiber to shape a front bumper splitter, side skirts with metallic Bentley badges, a rear diffuser and the trunk spoiler. The Bentayga is slightly different from the Continental GT package, as it also features a bi-plane tailgate spoiler and rear screen strakes. Further options include carbon fiber front air blades, wing vents and mirror caps. The carbon fiber in the Styling Specification uses a 2x2 twill pattern with matching directional weave across every part. It is also hand-crafted in a way that the carbon fiber is mirrored at the center of the vehicle to create a balanced look that will please perfectionist minds. Bentley says the Bentley badges on the side skirts were created through 3D electroforming, which could generally be described as a more precise version of 3D printing. The badges were specifically designed to "minimize the risk of air bubbles forming in the lacquer overcoat" while introducing a textured look. The Styling Specification can be ordered for a new car or retrofitted on an old car. It will also soon be available on the Bentley Mulsanne. Related Video:

2024 Bentley Bentayga runs the luxury meter to its 'Ludicrous' setting

The 2024 Bentley Bentayga Extended Wheelbase (EWB) Mulliner leads the SUV's way into the coming model year. The rest of the range is ready to follow, bringing new standard and optional equipment and tech, a new trim, and the most discrete cosmetic changes. Starting from the bottom of the trim ladder, the rank goes Bentayga, new Bentayga A, Bentayga Azure, Bentayga S, and Bentayga EWB. The new A trim will be limited to certain markets that Bentley hasn't identified yet. For cosmetics, re-profiled grilles bring the front fascia into line with changes made to the Flying Spur range. The exterior paint menu grows with eight new satin colors, taking the total menu of standard colors to 112 choices, and new 21-inch wheel designs come in three finishes. Inside, and slightly more than cosmetic, the Bentayga A and Azure feature deep-pile carpeted mats created using more sustainable wool treatment processes. Beneath them, the cabin carpet is now 100% recycled nylon instead of virgin nylon. The A goes with a straight-vaned grille above black lower intakes, as well as "A" badging and 21-inch black-and-bright machined wheels. At the top, the EWB gains access to a Mulliner Design Specification that appends a large rear spoiler to the top of the hatch, plus copious carbon fiber accents around the body. A new electrical architecture enables features like adaptive cruise control, surround-view cameras, and lane departure warning, as well as some app-based remote features like Intelligent Park Assist. And there's a new option in sound with a Bang & Olufsen Beosonic audio system alongside Bentley's traditional Naim partnership. Among the equipment changes, rear-wheel steering trickles down from the EWB as standard equipment on the Azure and S trims, optional for the rest, shrinking the turning circle by about three feet. Another EWB feature descends from the heights, too: The Airline Seat Specification with Postural Adjust and Seat Auto Climate is an option on all the regular Bentaygas. These seats not only recline, they can be set to one of seven temperature zones and then measure the seat occupant's temperature and humidity to know whether to add more heat or ventilation. They also possess a massage function that cycles through 177 pressure points over three hours so that no part of a body suffers static fatigue. Or, put another way, the seat tosses and turns for you — and always keeps the cool side up — so that you don't have to.