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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's new rear seat entertainment system aims to make the rich life even easier

Bentley has a new rear seat entertainment system that aims to make watching content on the rear seat screens much easier. It’s simply named Bentley Rear Entertainment, and itÂ’s going to be available on both the Bentayga and Flying Spur. What makes it noteworthy is the systemÂ’s ability to cast via your mobile device. You can simply select the BentleyÂ’s screens via your streaming app of choice on your phone (so long as the phone is connected to the in-car WiFi), and itÂ’ll splash up onto the HD screens. Thankfully, itÂ’s configured to work with both iOS and Android devices. Think of it as a glorified Chromecast situation. ItÂ’s convenient and super easy to make work. ThereÂ’s only one weird wrinkle to speak of. While you can “cast” content from any streaming service like Amazon Prime, Hulu, Disney+ and Apple TV+, Netflix comes pre-installed on the system. This means that while you can use your phone, you could also just use the entertainment system's built-in Netflix app. One last thing you can do with your phone, though, is mirror it on the screen. This literally just displays exactly whatÂ’s on your phone up on the screen in front of you, in case there were photos or videos you were interested in sharing with the backseat. Aside from the phone connectivity, Bentley equips the 10.1-inch screens with HDMI ports. That means you can bring a gaming console or even third-party streaming sticks like an Amazon Firestick. As for audio, Bentley provides you with special Bluetooth headphones for the car. You can also pair your own headphones, plug into the auxiliary jack, or simply have the audio play over BentleyÂ’s superb Naim audio system. The dual screens themselves are also new technology and feature 1080p resolution with touch controls. Bentley doesnÂ’t detail pricing for the system, but itÂ’s a no-brainer for any Bentley buyer who is being driven around, or is driving others around. WhatÂ’s another few thousand dollars at Bentayga and Flying Spur prices anyway? Related video:

BMW makes the M4 extra special with a huge wing

BMW has all of the bases covered in its lineup, especially when it comes to its 4 Series models. Don't like going to the track? There's the BMW 430i and 440i, which are available as a coupe and gran coupe. Drivers looking for a track-friendly car that can also be used on the road will be steered toward the M4. BMW even built the hardcore M4 GTS for drivers that spend all of their time on a track. Now, it looks like BMW is trying to bridge the gap between the M4 and the M4 GTS with a special-edition model. Our photographers caught BMW testing an M4 with some extreme aerodynamic components around the Nurburgring. With its aggressive front end, massive wing, and sporty rear diffuser, the prototype M4 appears to be similar to the special-edition M4 Competition Sport that BMW released in Spain. The Spain-only special edition was marketed as a softer version of the M4 GTS with less power and usable rear seats. With a similar look and visible rear seats, this prototype indicates a similar track-focused special edition model. Since the M4 is only a few years old, it's unlikely that BMW is testing a new model, but the automaker could be testing aerodynamic components for a refreshed model down the road. A cheaper, more usable M4 GTS, though, would be the perfect car to round out BMW's current lineup. Related Video: