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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

Audi Super Bowl ad will star creepy Doberhuahua dog

Poor little doberhuahua, so misunderstood. In fact it's so misunderstood that we don't even know what it is. Not that something like that would stop Canadian songstress and animal rights advocate Sarah McLachlan from plucking at our heartstrings, though, in the teaser video below.
The apparent half-breed mutt offspring of a doberman and a chihuahua is set to star in Audi's upcoming Super Bowl commercial and appears to be what was terrifying the dog-show announcers so thoroughly in the last teaser video. Audi previously announced it was focusing its Big Game ad buy on the new A3, but we'll have to wait another week to find out just how it will manage to equate its new compact luxury sedan ad hatchback to a small dog with a big bite.
In the meantime, scroll down for the teaser video.

Audi prices 2014 A8L TDI from $82,500*

During the Los Angeles Auto Show last November, Audi told us that it would be bringing four new diesel-powered models to the United States this year. The first to arrive is the 2014 A8L TDI you see here, and we've now learned that the big oil-sipper will be priced from $82,500, (*excluding $895 for destination).
The whole new range of diesel models will be powered by Audi's 3.0-liter TDI V6, good for 240 horsepower and 406 pound-feet of torque in this application. Of course, Quattro all-wheel drive is standard, and even in the big A8, the diesel grunt will be enough to propel the long-wheelbase flagship to 60 miles per hour in 6.4 seconds (almost a full second slower than the A8 3.0T we reviewed last fall). That said, the A8 TDI should still be a pretty engaging steer, and considering the fact that this thing will reportedly return fuel economy figures of up to 36 miles per gallon on the highway (24 in the city), a slightly slower launch time is well worth it. (The A8 3.0T tops out at 28 mpg highway.)
Elsewhere in the segment, Mercedes-Benz offers a diesel version of its S-Class flagship, retailing for $93,000 and good for fuel economy figures of 21/31 mpg city/highway. By comparison, the A8 TDI seems like a steal, and we'll be interested to see where the forthcoming BMW 7 Series diesel falls into the class of huge oil-burning barges.