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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

Recharge Wrap-up: New and old Audis get greener, as does US electricity

Audi has made environmental improvements to the its TT while boosting performance. The new TT sees an 11-percent reduction in emissions, and up to 14 percent more power. Audi says that each TT will save around 5.5 metric tons of greenhouse gas emissions over its lifecycle. Additionally, the TT's manufacturing process has been cleaned up a bit, reducing emissions by about nine percent. Read more in the press release, below, or see Audi's lifecycle assessment here. Speaking of greening up Audis, Al Swackhammer of Washington converted his 1960 Audi DKW 1000S to run on electric power. Swackhammer first fell in love with the Audi Ur-Quattro, became an enthusiast of Audi and Volkswagen cars, and has owned nothing else ever since. With his DKW, he combined his passion for the classic car with his responsibility to the environment. "I am pleased that I did this project," says the happy owner, "and I enjoy driving it very dearly." Meet the man and his beloved electric Audi DKW in the video below. Toyota has chosen a sustainable design firm, Corgan, as the lead architect for its new North American headquarters. The new campus will be built in Plano, TX, and will be the workplace of about 4,000 Toyota employees. Corgan, who has already done 47 LEED certified projects, is already designing a temporary office for the site while it finishes the project. Toyota expects to begin working from the site in late 2016 or early 2017. Learn more in the press release below. In July, all new electrical generating capacity in the US came from renewable sources. The Federal Energy Regulatory Commission's Office of Energy Projects' newest "Energy Infrastructure Update" report says new electric generation put into service last month came from wind (379 megawatts), solar (21 megawatts) and hydro (5 megawatts). So far this year, 53 percent of new energy generation capacity has come from various renewable sources, and none from coal or nuclear. Currently, renewable energy accounts for 16.3 percent of the US electric generation capacity, providing about 14 percent of actual electricity. Read more in the press release from the Sun Day Campaign below. Positive life cycle assessment for the new Audi TT Compact sports car scores high for dynamic performance and efficiency Emissions reduced by 11 percent compared with predecessor Customer benefits from the very first mile Ingolstadt, August 18, 2014 – Dynamic performance and efficiency: The new Audi TT* impressively combines both qualities.

Audi's CES interior concept foretells a screen-filled A8

Audi is once again offering a glimpse into its future interior-design plans at CES. The new setup is called Virtual Dashboard and is both an extension and an evolution of Virtual Cockpit, which made its debut in Vegas two years ago before winding up in the TT. While this interior mockup is pulled from Audi's recent E-Tron Quattro concept, our man on the ground at CES was told this is "very close" to the interior we'll see in the next Audi A8, which is due in a year or so. Virtual Dashboard is screen-heavy in stark contrast to Virtual Cockpit's single, driver-focussed gauge display. It keeps that and adds a pair of screens to the mix, all of them using OLED (organic light-emitting diode) tech. The central screen measures 14.1 inches diagonally and is curved with a rhomboid border; its AMOLED (active matrix organic light-emitting diode) allows for the irregular shape and curvature. Below that sits a more normal, rectangular screen; both are very well integrated into their surroundings. And as in many current Audis, the shift lever acts as a comfy wrist rest. On the top screen, drivers and passengers get what Audi calls classic information – navigation, audio, settings. The lower screen provides big favorite buttons and also houses on-screen buttons for the climate control. When it's called for, the lower display turns into an input tablet for handwritten entries, an evolution of the small separate touchpad offered in current Audis. The displays use swiping and other gestures familiar to smartphone users, which allow them to interact with each other, for example when swiping to accept a call and move its info to the gauge display. The screens provide haptic feedback that goes beyond what automakers are offering today. Our man at CES says button presses only result from deliberate presses of the screen, meaning you can rest a finger over your selection and it won't activate until you press, just like a real button. Novel. The steering-wheel controls also provide haptic feedback and have been simplified compared to what's on Virtual Cockpit today. When it hits production in the A8 and other vehicles, all of this will be built on the next generation of Audi's infotainment platform, which it's creatively calling MIB2+. It offers more computing power than the current MIB2 system, allowing it to run more displays and offer more connected services over an LTE connection.