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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 Chiron Super Sport revealed as a long-tail, high-speed grand tourer

Bugatti is done setting speed records, but it's proud of what it accomplished in the years it spent chasing the crown. It channeled some of the lessons it learned into a new, high-speed-focused Chiron variant called Super Sport. While the Super Sport is instantly recognizable as a member of the Chiron family, it wears a more streamlined body than other variants (like the handling-focused Chiron Pur Sport) characterized by a redesigned front splitter, air curtains on either side of the front bumper, and a rear end that has been extended by nearly 10 inches. The rear air diffuser has a new look, too. These changes improve aerodynamic efficiency while creating the high level of downforce required to keep the Chiron firmly planted to the ground at the triple-digit speeds it's designed to reach. Even the smaller tweaks seen on the Super Sport weren't made strictly in the name of design. Bugatti explained the nine holes above each front wheel create downforce by releasing air pressure from the wheel wells. On a secondary level, they also create a visual link between the EB110 (which also wore the Super Sport designation) and the limited-edition Centodieci. Model-specific five-spoke wheels add a finishing touch to the function-over-form design.  Bugatti developed the Super Sport as a grand tourer, so giving it a stripped-out, race car-like interior was out of the question. The cabin blends timeless materials, like leather and aluminum, with carbon fiber components that hint at the car's lightweight construction. Buyers can customize nearly everything inside, including the upholstery. Power for the Super Sport comes from Bugatti's prestigious W16 engine, an 8.0-liter unit fitted with four turbos. It develops 1,577 horsepower and 1,180 pound-feet of torque in this application. Engineers made changes to the turbos, to the engine oil pump, and to the cylinder head in order to increase the 16-cylinder's redline to 7,100 rpm (a 300-rpm bump) and to make the full torque output available across a much broader spectrum. The engine still spins the four wheels via a seven-speed dual-clutch automatic transmission, though the seventh gear is longer.  Helped by a 50-pound weight reduction, the Super Sport takes 5.8 seconds to reach 124 mph (200 kph) from a stop. Keep it floored, and the speedometer shows 186 mph (300 kph) in 12.1 seconds. Its top speed lies in the vicinity of 273 mph.

Trial of man whose Bugatti Veyron went in the drink mysteriously delayed [w/video]

The mysterious case of the drowned Bugatti Veyron has taken another turn toward the strange.
Before we get too far ahead of ourselves, let's bring you up to speed: Andy House, who owns an exotic car repair shop called Performance Auto Sales, crashed his Veyron into a lagoon in Texas after allegedly being distracted by a low-flying pelican... or something. Naturally, House turned a claim into his insurance company for the totaled supercar to the tune of $2.2 million, which is likely more than the car is actually worth.
Shortly thereafter, video surfaced of the crash, with nary a distraction in sight. The next makes-you-go-hmm moment occured when reports surfaced of a new Veyron, along with a pair of Lamborghini coupes and a Porsche 911 GT3, landing in House's garage. The estimated cost of these supercars, according to Jalopnik, is $2.2 million. All of this made Philadelphia Indemnity Insurance Company's insurance fraud lawsuit in 2011 - two years after the incident - come as little surprise.