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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

Bugatti Veyron bids adieu with the Grand Sport Vitesse La Finale [w/video]

It's the end of an automotive era at the 2015 Geneva Motor Show as Bugatti unveils the last Veyron, and it's appropriately named La Finale. Based on the Grand Sport Vitesse, this vehicle is number 450 of a production run that included 300 coupes and 150 convertibles, over the last decade. Sitting right next to La Finale on Bugatti's Geneva show stand is the very first Veyron chassis built, and the pair purposefully carry similar stylistic cues. Where the original car combines a black-painted hood over red fenders, the final one switches the motifs around. Although, the color now comes from exposed carbon fiber, and this marks the first use of crimson carbon on a Veyron. The choice of material lends a muted, almost somber tone to the design, which is appropriate for the concluding model. A set of matching, maroon wheels and contrasting air intakes complete the look. The interior continues the scarlet theme with more exposed carbon fiber and a shade of leather called Hot Spur. Contrasting cream upholstery provides some visual relief, though. For their final outing, the designers took the opportunity to add a few unique touches, as well. Bugatti's famous elephant logo appears on the wheel center caps, fuel door and oil cap. There's also another one cast from bronze on the storage compartment cover inside the car. In addition, the La Finale gets written in a brighter shade of red under the passenger-side headlight and on the bottom of the wing. Mechanically, the La Finale doesn't receive anything extra over the other Grand Sport Vitesse vehicles. It still sports an 8.0-liter quad-turbo W16 with 1,184 horsepower and 1,106 lb-ft of torque. The sprint to 62 miles per hour reportedly comes up in a shockingly quick 2.6 seconds, and a top speed of 255 mph is claimed possible. While this ends the story of Veyron production, Bugatti isn't going to fade away now. The company says that development of its next vehicle is "well underway," in the La Finale announcement. "With the next Bugatti model, we are aiming to consolidate and expand the market-leading position we have established with the Veyron," said Bugatti President Wolfgang Durheimer. "Our challenge is to make the best even better." That certainly leaves something to look forward to. Related Video: Geneva International Motor Show 2015: Bugatti celebrates the Veyron World premiere of the 450th and final Veyron, the Grand Sport Vitesse "La Finale" ?

249 reasons you want to go to Goodwood Revival

At its most basic, Goodwood Revival is a long weekend worth of car races featuring cars made before 1970. There are lots of those, though, including some pretty great ones all over the world. But nothing is like Goodwood Revival because it's so much more than "just" vintage car racing.  First, you have to look the part. Attendees are strongly encouraged to dress in period clothing from the 1940s, 1950s and 1960s, with a strict dress code enforced should you want to enter the paddock. The goal is to create a more authentic atmosphere to match the cars and the meticulously restored and recreated paddocks, grandstands and other facilities of the reborn Goodwood circuit. Now, the dress code was relaxed this year since the Saturday was literally the hottest Sept. 9 on record in that part of England, and the organizers didn't want people dropping dead because they needed to wear an ascot. Some people definitely took the "relaxed" bit too far, but there was still plenty of atmosphere maintained. It really does make a big difference, as those "relaxed" individuals were often akin to seeing a Starbucks cup in a scene from "Game of Thrones."  You can see what I came up with below along with former Autoblog editor Reese Counts and various other Goodwood attendees. Second, there's the parking lot. But I'll let this entire separate post detail that. Third, there's the enormous carnival-like area featuring vintage-looking rides and various boutiques. Both of those are on the outside portion of the track, and honestly, you could easily just spend your entire day in the parking lot and carnival/shopping area without even crossing over into the circuit area. There you'll find more shops, food and drink opportunities, plus obviously, race car paddocks and the track itself.  Fourth, there are airplanes! I heard there are fewer than in the past, but they're there and they're cool. The Goodwood circuit started out life as the perimeter road around the World War II airfield RAF Westhampnett.  Fifth, with all of the above, Goodwood Revival really is fun for the whole family. It isn't just a bunch of old guys sitting around in lawn chairs. There are plenty of women and adorably dressed children, including babies in vintage prams. It's also not an event that's exclusively for the uber rich, even if they are certainly in full force given who has the sort of money needed to go vintage racing.