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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 Bentayga V8 specs and pics revealed: It's the sporty one

The glitzy, opulent Bentley Bentayga has so far only been available with a twin-turbocharged W12 in the United States, but that's going to change now that the company has unveiled the V8 version. The Bentayga V8 uses a twin-turbocharged 4.0-liter V8 that, despite having two liters less displacement and four fewer cylinders, still makes a healthy 542 horsepower and 568 pound-feet of torque. Those numbers are only official for Europe, though, as numbers for the United States are being finalized. It's not a whole lot slower than the W12, either, with a 0-60 mph time of 4.4 seconds and a top speed of 180 mph. The W12 hits 60 in 4.1 seconds and has a top speed of 187 mph. What is a bit odd is that Bentley is marketing this V8 model as the "sporty" one, despite not being as fast as the W12. In support of the sporty identity, Bentley has endowed the V8 Bentayga with more aggressive looks inside and out with a black grille and unique dual exhaust tips, as well as an optional carbon fiber trim for the interior. To back up the looks, the Bentley Bentayga V8 also has the option of carbon-ceramic brakes. And they're truly massive with 17.3-inch rotors at the front, and 14.6-inch units in the rear. The front rotors are clamped by 10-piston calipers, too. Bentley claims the front brakes are the largest in the world. The V8 Bentayga also can claim a roughly 100-pound weight advantage compared with the W12, though whether you'll notice that in an SUV that weighs over 5,000 pounds is debatable. Pricing and availability haven't been announced for the Bentayga V8 yet. We would expect it to arrive at dealers by the end of the year. It will also likely cost less than the W12 model. Related Video: Featured Gallery 2019 Bentley Bentayga V8 View 10 Photos Image Credit: Bentley Bentley Crossover SUV Luxury bentley bentayga

Bentley starts testing the sold-out, 200-mph Bacalar roadster

Bentley took the limited-edition Bacalar from a sketch to a 200-plus-mph roadster in nine months, a shockingly short amount of time. Its engineers are now putting the first car through its paces at the same break-neck speed. Although the Bacalar is based on the Continental GT, the British firm explained nearly everything the driver will see and feel is specific to the car. Bentley developed over 750 new parts for it, including 40 built with carbon fiber, and the roadster shares no body panels with other members of the company's range. All of these components have to meet the same stringent quality standards as those created for regular-production models. Bentley gave its team 20 weeks to fine-tune the first prototype (pictured), which it calls car zero. Testing started earlier in 2020, so the car has already been put through a wind tunnel and pushed to the limit at triple-digit speeds — it's as stable and quiet as customers expect. Next, test drivers will pile on the miles to see how it holds up over time. They'll then test it at up to 176 degrees, and the final step will be validating the electrical system. Power for the Bacalar comes from a twin-turbocharged 6.0-liter W12 engine, which produces 650 horsepower and 667 pound-feet of torque. It spins the four wheels through an eight-speed automatic transmission. Bentley hasn't revealed what it will do with car zero at the end of the testing phase. Production is scheduled to start in 2021, and the 12 examples planned have already been spoken for. Each one will be unique; buyers will be invited to work directly with the company's design department to configure the interior and the exterior. Related Video: