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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

2016 Audi A4 is larger, lighter [w/video]

The 2016 Audi A4 arrives with a bang, but no surprises. We say that because the formula for creating the new A4 is one we know all too well. Make it larger, add a bunch of content, reduce weight, and improve both power and efficiency. It's a recipe for success, and this fifth-generation A4 looks to be a solid contender against its chief rivals, the BMW 3 Series and Mercedes-Benz C-Class. The shape hasn't changed; it's immediately recognizable as an A4. Instead, this new model updates that familiar design with sharper lines, similar to what we've seen on the new Q7, or even the R8. The big story here is that the 2016 A4 is up to 264 pounds lighter than its predecessor, depending on trim and engine. Additionally, the A4 is the most aerodynamic car in its class, boasting a drag coefficient of just 0.23. A fresh, modern cabin lies within that lighter shell – one that looks decidedly more upscale than the last A4. Many elements are reminiscent of the Audi Prologue concept that we first saw (and drove) in Los Angeles last year – specifically, the steering wheel, and the new MMI controls. In fact, Audi has positioned its infotainment controls closer to the center console – in front of the gear selector. This reminds us of the current A8, where Audi specifically designed its shifter to act as a sort of wrist rest. You can rest your arm on the gear lever and still access all of the MMI functionality. Speaking of which, that's the latest generation of Audi's MMI interface, packing navigation, touch capability, LTE connectivity, and WiFi in the 8.3-inch color display. Audi isn't saying which engines will come to the United States right now, but when the new A4 launches, it'll be offered with three gasoline and four diesel engines in Europe. Our best guess is that the US-spec car will come with the latest 2.0-liter TSFI turbocharged inline-four with 272 horsepower, as well as Audi's tried-and-true 2.0-liter TDI diesel four. Front- and all-wheel drive will be available, and for the first time, two-wheel-drive models will get a proper dual-clutch transmission – no more CVT. There's a whole lot more to lean about the A4 in the press release, posted after the reveal video. You can also see the 2016 A4 in sedan and Avant forms in the galleries above and below – it's unclear if the wagon will make its way to the US. The A4 Avant has been sold here before, but currently, Audi only offers that more functional bodystyle in Allroad spec.

Refreshed 2015 Audi A8 starts at $77,400*

Audi definitely made the US wait for the refreshed 2015 A8 and S8. The updated models were first unveiled last summer, but it has taken until June for the revised flagship sedan to reach dealers here.
The refreshed A8 line doesn't come cheap, though. Prices are up $2,000 or more over the 2014 model year. The basic 3.0T model goes for $77,400 or $81,400 for the long wheelbase version. The long wheelbase TDI is $85,100. The standard 4.0T model asks $86,400 or $90,400 for the longer one. An S8 sets back buyers $114,900, and the full bore A8L W12 is $137,900. All of these prices exclude destination (which was $895 last year and now stands at $925, according to Audi representative Mark Dahncke).
To make the wait worth it, Audi is packing the sedan with new technology and given it the slightest restyle. All models of the luxurious vehicle now come standard with full LED headlights. The 2015 model also benefits from electromechanical steering, available variable ratio steering and active lane assist. The night vision system is also updated to detect animals and alert the driver. Mechanically, there are some tiny tweaks as well. The 4.0T V8 is boosted to 435 horsepower, compared to 420 hp previously, and the 6.3-liter W12 now has cylinder deactivation.