2008 Bentley Continental Gt on 2040-cars

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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

Volkswagen might cut 40 models across brands to save cash

Volkswagen once set out to pass Toyota and General Motors and become the largest automaker in the world. Following months of fallout from the diesel emissions scandal, the manufacturer is rumored to be dropping around 40 models from its company-wide lineup. According to German business and finance publication Handelsblatt, the Volkswagen Group is looking to slim down and remove a number of low-volume vehicles from various lineups. The company currently sells around 340 models across brands that include Audi, Lamborghini, and Bentley. Volkswagen is refusing to comment, but Handelsblatt claims to have sources within the company. Last week, Volkswagen Group CEO Matthias Muller announced a new strategy for the company that includes a major focus on electric vehicles and new technology services. During his announcement, Muller said the company would be cutting a number of models, but at the time no numbers, models, or brands were discussed. Despite comments to the contrary, rumors have persisted since late last year that Volkswagen was looking to sell commercial truck and bus manufacturer MAN. Volkswagen owns truck and bus manufacturer Scania, so even if it dropped MAN, the company would still have a foothold within the bus and truck market. There is also talk of the company selling Italian motorcycle manufacturer Ducati, which Volkswagen acquired via Audi in 2012. The company's image has taken a huge hit in the wake of the diesel scandal. Volkswagen has set aside cash in order to pay fines and may be looking to sell these several subsidiaries and cut low-volume models in order offset the costs. Despite the scandal, the company led worldwide sales in the first quarter of 2016. The same was true in 2015, but sales tanked at the end of the year following the diesel revelations. Related Video: Rumormill Audi Bentley Volkswagen Ducati

2020 Bentley Continental GT V8 coupe and convertible – the frugal Bentleys

The Bentley Continental GT is getting its V8 option for the 2020 model year now. Released last year with the monster 6.0-liter W12, this will be the cheaper and less powerful version of the big Bentley coupe and convertible. That doesn't mean the Continental GT V8 will be a slouch, though. It's packing a 4.0-liter twin-turbo V8 engine that makes 542 horsepower and 568 pound-feet of torque. A 0-60 mph time of 3.9 seconds is claimed by Bentley, with a top speed of 198 mph. For comparison, Bentley claims the W12 Continental goes 0-60 mph in 3.6 seconds and tops out at 207 mph. The V8 lags behind the W12 in brute force by 84 horsepower and 96 pound-feet of torque. Truly, the difference in driving these two engines will be minimal. There's nothing like the silky, effortless torque of a 12-cylinder engine, but this high-powered V8 is just half a step behind it. Bentley says you'll be able to audibly tell a difference between the two easily, because the V8 has a louder, burbling exhaust note. The quad exhaust tips look different on the V8, in addition to new 20-inch wheels. Subtle V8 badging is applied, but we're sure you can forego that for fear of advertising that you bought the cheap one. Another reason to take the V8 over the W12 is efficiency. Your wallet probably won't be hurting at the pump if you can afford either, but you'll be making less stops with the V8 due to its better gas mileage — Bentley says the V8's cylinder deactivation helps in that department to give the V8 better range with a full tank for those long European vacations. Bentley says customer deliveries begin in the U.S. in the third quarter. Prices for the V8 start at $203,825 for the coupe and $223,675 for the convertible. That ain't cheap, but it's cheaper than the $214,600 sticker on the W12. It's tough to say no to four more cylinders at that price point, especially when you'll then be able to brag about having all 12 of them.