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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

Driving the 2020 Bentley Continental GT V8 'home' to Brooklands

BROOKLANDS, England – ‘Continental GTÂ’ embodies an idealized dream of carefree, trans-continental drives to the French Riviera or glamorous Swiss ski resorts. In reality and spirit, a long, long way from a gray January day in what is now a grocery store parking lot in a nondescript London suburb. But this place, or specifically the moss-covered concrete banking surrounding it, is as important to BentleyÂ’s identity as 1930s playboys racing express trains across France, amateur heroes triumphing at Le Mans or the image of luxurious sedans crunching the gravel driveways of stately English homes. In the modern age of Bentley, the racing history at Brooklands, and its expression through hardware supplied by its Volkswagen owners, is what underpins the brand. IÂ’ve got 1,000 miles at the wheel of the latest V8 Continental GT to find out if that Brooklands tradition has been carried forth; to see if this Bentley is still a Bentley. ItÂ’s an interesting moment to be driving a Continental GT, too. For all the British heritage this car embodies, it's dependent on the centralized resources and manufacturing muscle of parent Volkswagen. The same goes for the Group's other brands defined by tradition and local price: Lamborghini, Porsche and even Audi. Yet, IÂ’m enjoying this car just days before Britain formally quits the European Union. The implications are still to be fully understood but it puts Bentley in an especially perilous position, given it depends on overseas production and the free movement of parts from the continent to keep its factory running. Sure, Bentleys are meant to be expensive. But if that margin is suddenly consumed by tariffs on bodies from Volkswagen, engines from Porsche and gearboxes from ZF, the business case looks even shakier than it has been  in the recent past. Nobody knows how itÂ’ll shake out but one answer for VW would be to relocate the whole business to Germany rather than keep building them here. YouÂ’d still have cars branded as Bentleys if that happened. But would they still be Bentleys? We talk about intellectual property. Arguably here weÂ’re talking about emotional property. And the Englishness that makes the cars what they are.   Because more than anything, a Bentley is a feelgood car, even when your reality is grimy winter roads and a coating of salt on your fancy paint.

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