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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 confirms S8 Plus for US to debut in LA

Audi has confirmed that the new S8 Plus will indeed be coming to North America. The more potent version of the German automaker's flagship sedan was first revealed in August, and Audi will bring it to the upcoming Los Angeles auto show. The Plus model packs the same 4.0-liter twin-turbo V8 as the existing S8 (and the Bentley Continental for that matter), but increases output from 520 horsepower to 605 hp and torque from 481 pound-feet to 516 lb-ft (or 553 on overboost). The result is a 0-62 time quoted at 3.8 seconds to give the likes of the Mercedes-AMG S63, Jaguar XJR, and Maserati Quattroporte a run for their money. Audi of America has not announced US pricing for the S8 Plus or final specifications for the American market. Look for an MSRP in the neighborhood of $140k. The Audi S8 Plus will debut in LA alongside the new RS7 Performance and the second-generation R8, which will be making its US auto show debut at the SoCal expo. TRIO OF AUDI SPORT® AND PERFORMANCE MODELS TO MAKE US DEBUT AT LA AUTO SHOW – AUDI R8, RS 7 PERFORMANCE AND S8 PLUS - The second generation of the R8 high-performance halo car makes its U.S. auto show debut - Auto show debut of new RS 7 performance enhances brand's dynamic profile - S8 plus strengthens Audi's position in premium sedan segment November 10, 2015 | HERNDON, Virginia -- Reinforcing the brand's success from road to track, Audi will showcase a trio of new performance vehicles – including the all-new R8, RS 7 performance and S8 plus – at the Los Angeles Auto Show. "The Audi Sport® and performance models have always been an essential part of our brand's character," said Filip Brabec, Director of Product Management for Audi of America. "The Audi R8, RS 7 performance and S8 plus represent the maximum of Audi performance, premium design and technology for our customers." 2017 Audi R8 The fastest and most powerful Audi of all time, the 2017 R8 represents the pinnacle of performance for any model with the four rings. Thanks to the close cooperation between Audi Sport® engineers, race drivers and developers, the Audi R8 and R8 LMS racecar were co-developed and share approximately 50 percent of the same parts, including the V10 engine. The R8 launches with two powertrain variants: the 5.2L V10 with 540 hp, an increase of 15 hp from the previous R8 model or the R8 V10 Plus, boasting a powerful 610 hp, an increase of 60 hp, making it faster, more powerful and more dynamic than its predecessor.

TRANSLOGIC 148: Audi A3 Sportback E-Tron

We get an early drive of Audi's first plug-in vehicle for the U.S. market, the A3 Sportback E-Tron PHEV. Part of Audi's all-new A3 lineup, the Sportback E-Tron boasts an estimated electric driving range of about 30 miles at speeds up to 80 miles per hour. Find out what the future holds for Audi and their E-Tron vehicles.