2005 Bentley Continental Gt Coupe 2-door 6.0l on 2040-cars

Auto blog

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

The UK votes for Brexit and it will impact automakers

It's the first morning after the United Kingdom voted for what's become known as Brexit – that is, to leave the European Union and its tariff-free internal market. Now begins a two-year process in which the UK will have to negotiate with the rest of the EU trading bloc, which is its largest export market, about many things. One of them may be tariffs, and that could severely impact any automaker that builds cars in the UK. This doesn't just mean companies that you think of as British, like Mini and Jaguar. Both of those automakers are owned by foreign companies, incidentally. Mini and Rolls-Royce are owned by BMW, Jaguar and Land Rover by Tata Motors of India, and Bentley by the VW Group. Many other automakers produce cars in the UK for sale within that country and also export to the EU. Tariffs could damage the profits of each of these companies, and perhaps cause them to shift manufacturing out of the UK, significantly damaging the country's resurgent manufacturing industry. Autonews Europe dug up some interesting numbers on that last point. Nissan, the country's second-largest auto producer, builds 475k or so cars in the UK but the vast majority are sent abroad. Toyota built 190k cars last year in Britain, of which 75 percent went to the EU and just 10 percent were sold in the country. Investors are skittish at the news. The value of the pound sterling has plummeted by 8 percent as of this writing, at one point yesterday reaching levels not seen since 1985. Shares at Tata Motors, which counts Jaguar and Land Rover as bright jewels in its portfolio, were off by nearly 12 percent according to Autonews Europe. So what happens next? No one's terribly sure, although the feeling seems to be that the jilted EU will impost tariffs of up to 10 percent on UK exports. It's likely that the UK will reciprocate, and thus it'll be more expensive to buy a European-made car in the UK. Both situations will likely negatively affect the country, as both production of new cars and sales to UK consumers will both fall. Evercore Automotive Research figures the combined damage will be roughly $9b in lost profits to automakers, and an as-of-yet unquantified impact on auto production jobs. Perhaps the EU's leaders in Brussels will be in a better mood in two years, and the process won't devolve into a trade war. In the immediate wake of the Brexit vote, though, the mood is grim, the EU leadership is angry, and investors are spooked.

Bentley re-creates one-of-a-kind sports sedan destroyed in 1939

Bentley's Mulliner division specializes in making one-off (or few-off) projects for clients willing to foot the bill. They're the folks you'd want to talk to if you want a long-wheelbase Flying Spur, a Bentayga-based dually pickup, or anything in between. The division only works on new models, but it stepped outside of its comfort zone to re-create a one-of-a-kind Bentley manufactured and destroyed in 1939. The project is part of Bentley's on-going centennial celebration, and finishing it in time was easier said than done. It made building a concept car like the EXP 100 GT look like assembling a Lego kit. The original Corniche disappeared after getting bombed by the German army, and a majority of the people who saw it in person are dead, so the men and women tasked with resurrecting it only had a handful of period, black-and-white photographs and technical drawings to work with. The final product looks stunning, and Bentley claims it's identical to the original in every way. Parts like the chromed headlight bezels, the droplet-shaped fenders, and the wooden dashboard were exclusive to the Corniche, so they had to be manufactured from scratch using the correct materials, and the right production techniques. The British firm could have saved itself the trouble of re-creating this unique part of its history if another car hadn't pulled out in front of it 80 years ago. Bentley made the original Corniche during tumultuous times as it explored the possibility of releasing a more powerful variant of the Mark V scheduled to make its debut in October 1939. It asked French designer Georges Paulin to draw a futuristic, streamlined body, and it commissioned Paris-based coachbuilder Carrosserie Vanvooren to build it using thinner-than-normal steel to save weight. The Corniche lapped the Brooklands track for the first time in May 1939 and quickly reached over 100 mph, an impressive speed at the time. Testing continued in rural France, where the big Bentley blended in as well as a flying saucer. In August 1939, one of the company's test drivers swerved to avoid another car, rolled, and wrapped the aerodynamic front end around an unsuspecting tree. Bentley separated the body and the chassis. It immediately shipped the chassis to its headquarters in Crewe, England, and curiously asked a local shop to repair the body instead of sending it back to Vanvooren in Paris.