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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

How does a 600-HP Audi RS6 Avant Plus sound to you?

The 2013 Audi RS6 Avant was announced back in December with a twin-turbo V8 cranking out 560 horsepower, but Car is reporting that this badass grocery getter could get even more power with a new Plus model. In a conversation with Car, Stephan Reil, Audi's top guy at its Quattro GmbH division, told the magazine that the RS6 Avant Plus would produce around 600 horsepower, and it sounds like there is a growing family of RS Plus models being planned as well.
Aside from the more powerful engine, the specifics of the RS6 Avant Plus are unknown, but we'd suspect some weight-savings measures and updated features for improved handling. Like recent RS Plus models such as the TT RS Plus and R8 Plus, the RS6 Avant Plus will not be a limited-production unit when it goes on sale (most likely for the 2014 model year).

Audi waxes poetic about Le Mans

Audi did it again this year at Le Mans, but it wasn't arguably a harder job than it's been in the past few years. The Four Rings has put together a five-minute recap of the 24 hours in the wet and the dry at La Sarthe, showing a lot of the low points and the one high point that makes them all worth it.
Perhaps even better than the footage are the driver interviews. Audi has owned Le Mans for more than a decade, but none of the drivers take it for granted - team driver Marc Gene said, "I also think that Le Mans picks the winner... At some point, he just decides which car and which drivers are going to win that race."
You can check it out in the video below. And be sure to hang around for the tribute at the end.