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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

Inkas reveals armored Bentley Bentayga for risky VIPs

Inkas Armored Vehicle Manufacturing has unveiled what it is billing as the first commercially available armored Bentley Bentayga, a week after we saw the armored X5 Protection VR6 straight from BMW. It can be equipped with up to level B6 protection, so it can withstand shots from a 7.62 mm round fired from an assault rifle. The first example has already been purchased for approximately $500,000.  Inkas, which is based in Toronto, lists armoring services for a number of different vehicles including the Toyota Camry, Mercedes-Benz G-Class, or even Ford Transit vans. And now, it offers a service for Bentley's luxurious and performance-minded Bentayga SUV.  Inkas offers two routes for its customers. An interested consumer can bring a car in and have it outfitted exactly the way he or she wants. Or, the customer can tell Inkas what he or she is looking for, and Inkas will source and build the entire project, including finding the right vehicle. For the Bentayga, specifically, armor options start at $130,000, and fully sourced projects can range into the hundreds of thousands of dollars, as previously noted.  Standard armor for each project includes a safety shell for passengers, multi-layer bullet-resistant glass, battery and ECU protection, reinforced door hinges, a reinforced suspension, and run-flat tires. Inkas says the B6 level of armor is meant to stop armor piercing rounds, but it could also protect from grenade blasts.  Inkas also offers the options to equip the Bentayga with a lightweight armor package, a PA system, heavy duty brakes, emergency lights, a fire supression system, and heavy duty wheels. We imagine most orders tick all the boxes.  Take a look inside the world's first bulletproof Bentley Bentayga made by INKAS® Armored Vehicle Manufacturing #bulletproof #bentley #bentayga #wolrdfirst #inkas #armored pic.twitter.com/rmrsXK7Nyv — INKAS Vehicles (@inkasvehicles) August 28, 2019

Volkswagen Group names Paefgen head of classics program

You may remember the name Franz-Josef Paefgen. Until recently, the German engineer and executive was head of both Bentley and Bugatti. Before that he was chief executive of Audi, after working for several years at Ford. He technically "retired" earlier this year, but like the cars he helped create, an executive like Paefgen could never really retire. So it should come as little surprise that the Volkswagen Group has named Dr. Paefgen head of its Classic program.
In his new capacity, Paefgen will oversee the historic automobile activities of the entire VW Group, including those of Volkswagen, Seat, Skoda, Audi, Lamborghini, and of course Bentley and Bugatti. It strikes us as a suitable semi-retirement for the man responsible in no small part for the Bugatti Veyron and Bentley Mulsanne, to name just two, and who was decorated in 2006 by the ACO as the "Spirit of Le Mans" for his contribution to endurance racing. Read the official announcement after the break.