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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

2022 Bentley Continental GT Speed Convertible puts 208 mph of wind in your hair

The Bentley Continental GT is once again merging the higher-performance capabilities of its Speed trim level with the open-top convertible body style in the new 2022 Bentley Continental GT Speed convertible. The GT Speed convertible's upgrades largely mirror those of the recently unveiled 2022 GT Speed coupe. They start with increased output from Bentley's W12 engine, which has been turned up to 650 horsepower from 626 horsepower in the non-Speed W12 (torque remains unchanged at 664 lb-ft) and given a more characterful exhaust note. The W12 here again pairs with an eight-speed dual-clutch automatic transmission and all-wheel drive, although both have been recalibrated for Speed duty. The transmission spends more time in lower gears, while the all-wheel-drive system has a more rearward torque bias in the various drive modes. The combination is good for a factory-stated 0-to-60-mph time of 3.6 seconds and a top speed of 208 mph. That's 0.1 second and quicker than the standard W12 convertible and 1 mph faster, thus earning the Speed its name. The Speed's chassis also has been upgraded, with four-wheel steering, an electronic limited-slip rear differential, and optional carbon-ceramic disc brakes with 10-piston front and four-piston rear calipers. They join existing Continental GT chassis technologies that include active air suspension, adaptive dampers, and active anti-roll bars powered by a specific 48-volt electric system. Speed-specific 22-inch wheels are offered in a dark-tint finish to match the mesh grille or, alternately, bright silver or gloss black. Special side gills and discrete "Speed" badging complete the modest exterior makeover. The convertible top is offered in a choice of seven colors including an oh-so-British tweed, and there are eight headliner colors. The fully automated roof can be stowed or raised in 19 seconds. The cabin features Alcantara microsuede accents and two-tone leather and Alcantara seating surfaces with diamond-in-diamond pattern stitching and "Speed" logos stitched into the headrests. Piano black trim is standard, but numerous wood veneers can be specced. There are also metal-trimmed pedals. Heated and ventilated seats are on hand, along with a heated steering wheel and heated armrests to maximize the top-down driving season. There's also a standard neck-warmer that is said to be more powerful and also quieter than before.

New Civic, FCA UAW Agreement, Frankfurt | Autoblog Minute

FCA reaches a tentative agreement with the UAW, Honda reveals the all new 2016 Civic, and the Frankfurt Motor Show dazzles us again.Senior editor Greg Migliore reports in the Weekly Recap edition of Autoblog Minute Weekly. UAW/Unions Bentley Honda Jaguar Porsche Tesla Autoblog Minute Videos Original Video FCA porsche mission e civic