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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

5 unused, unregistered Bentley Mulsanne Grand Limousines for sale

It's not unheard of for a car with extremely low miles to appear for sale years after it was built. In some unusual cases, they might not even be registered. But what's truly bizarre is for a whole group of five cars reappearing for sale having never been registered. And even more so when they're five unique examples of the Bentley Mulsanne Grand Limousine, a car that had to be specially ordered from the company. And yet, that's exactly what Bentley Emirates is offering. Bentley the company has said that the five stretched Mulsannes were delivered, but never used or registered. It's not completely clear whether they were ordered by one person, five individuals, or maybe even the dealer. We've reached out for details and will update when we have clarification. No matter what, it's unfathomable that such cars would be ordered and never used. Though pricing was never announced, they can't have been cheap. Can you imagine dropping hundreds of thousands of dollars on something and never using that thing? Anyway, here's a quick refresher on the Mulsanne Grand Limousine. Bentley said the first cars were built in 2015, and the model made its public debut at the 2016 Geneva Motor Show. Obviously, the most distinct part of the car was its length, just over three feet greater than a standard Mulsanne, itself a large machine. Overall height also increased by three inches. This made room for an additional set of rear-facing seats behind the fronts. The divider behind the front seats has electrochromic glass to provide privacy. A bottle cooler, champagne flutes, a soft-drink cabinet and tumblers are all included, and there are fold-out tables on which to rest said glasses. One of the five cars is pictured above in the same Silver Frost over Moroccan Blue paint scheme as the Geneva show car. The other four each have their own color schemes: Damson over Black Crystal, Onyx over Candy Red, Rubino Red over Light Gazelle and a single-tone Black Sapphire. So you have options. Pricing for these cars hasn't been announced. But you surely can't afford one if you have to ask. Also, while the cars are for sale in the United Arab Emirates, the dealer will ship to anywhere in the world. Related Video:

Bentley readying four-door coupe for 2018

Bentley purists have probably been tearing their hair out since we got our first glimpse of the EXP 9 F SUV Concept. "A Bentley SUV? " you could almost hear them saying, incredulous to the idea that an automaker actually wants to make money. Now, word is that the British brand might be jumping on the four-door-coupe bandwagon. The car, which would slot in below the Continental GT, and act as the new base model, would compete with the BMW M6 Gran Coupe and Mercedes-Benz CLS63 AMG, according to Car.
Size-wise, Car thinks it'd be in line with the Continental GT, at just over 15.5 feet long. It'd wear a price tag of 125,000 to 150,000 euro, which converts to $168,650 to $202,380. In reality, the US-spec baby Bentley would need to retail for no more than $130,000 to $170,000 if it wanted to truly capture the M6, Porsche Panamera and CLS63 crowd. Speaking of that Porsche, Car thinks the Bentley will ride on the same platform.
As is pointed out, the question of which platform this new model will ride on is an important one. The two possibilities are the D5 architecture of the next Audi A8 or the MSB platform, which will underpin the next-generation Panamera. Expect a 3.0-liter V6 and a 4.0-liter V8, both of which will receive special outfittings for duty in the Bentley, when it arrives in 2018. What do you think? Is there room in the Bentley family for a car below the Continental GT V8, and if so, is a four-door coupe the right choice? Let us know down in Comments.