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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 + Airbnb: What it's like to live in a car commercial

Miles from civilization, in a lonely stretch of Death Valley, lies an unlikely sight: a sleek contemporary home – all glass, concrete, and metal – and a pair of equally modern 2017 Audi R8 V10 Plus coupes. You might have seen the combo in a TV commercial that ran during the Emmys, a spot that had us asking an obvious question: What are these objects doing together, smack in the middle of nowhere? Audi partnered with Airbnb to offer the home and the cars to seven guests. Somehow, we became lucky number eight. The spot, entitled "Desolation," promotes the carmaker's flagship alongside what ended up being an extreme rental property. The idea to build the three-bedroom, 1,200-square-foot house came from Italian writer and author Fabrizio Rondolino, who was long smitten with American desert. The home was built in 2010 using prefabricated construction by San Francisco-based architecture firm nottoscale. It's a spare elevated structure, with floor-to-ceiling windows cinematically framing the sky. To set the four-wheeled mood, images of the R8 sit where family photos would go, and a laser-cut aluminum sign over the entrance announces it as the "Home of the R8." In acknowledgement of the remoteness, a satellite phone sits charged up with clearly printed dialing instructions. An Easter egg from the ad – two jars of Leadfoot Coffee – hides in plain sight on the kitchen counter. You can rent houses like this elsewhere on Airbnb, but here's where gearheads start paying attention: The two Audi supercars counter the architectural tranquility with a combined 1,220 horsepower and an opportunity to rip through the desert at obscene speeds (not to mention several other extras you don't get with a standard vacation rental; more on that later). Seven three-day/two-night stays were offered through an extremely limited Airbnb listing. The buzz surrounding the campaign was so strong that the place booked up in less than six seconds. For what you get, this was a steal. The per-night price of $610 – a reference to the V10's horsepower figure – wouldn't begin to cover the behind-the-scenes logistics needed to coordinate and execute this marketing exercise. I was the sole member of the media invited to experience the Audi Airbnb and got to spend a weekend in this desert playground to see what it was all about. My weekend began when an Audi rep met me and my family at Las Vegas International Airport following a quick flight from Burbank, California.

Ford tumbles to second worst in Consumer Reports reliability survey, list dominated by Japanese [w/video]

It's no secret that MyFord Touch has had its share of problems since being introduced, but the most recent reliability survey from Consumer Reports shows just how much this infotainment system has affected Ford. Just two years ago, the automaker was in the top 10 for the institute's reliability rankings, but since then, it has tumbled to the second-lowest rung just above dead-last Jaguar. In addition to MyFord Touch, CR also attributes a handful of new products that have had issues right out of the gate.
Compiled from 1.2 million subscriber surveys, this year's auto reliability survey heavily favors Japanese automakers, with eight of the 10 spots hailing from Japan. Toyota brands grabbed the top three spots (Scion, Toyota and Lexus - in that order) with Mazda, Subaru, Honda and Acura filling the next four spots. The only non-Asian automaker cracking the top 10 was Audi at number eight.
Audi climbed a total of 18 spots from last year, and Cadillac and GMC round out this year's top gainers breaking into the top 15. Helping Cadillac's upward movement, the CTS Coupe was named the most reliable domestic car. Lincoln, Volvo and Chrysler join Ford on this year's biggest loser list.