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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

Sounds like Bugatti is about to debut a 57 SC Atlantic-inspired design

In early February, a rumor popped up that Bugatti was bringing an extremely special multi-million-dollar one-off custom to the 2019 Geneva Motor Show. This week, Bugatti put out a teaser on social media that hinted at a new 57 SC Atlantic-inspired design. Could the two be related, or are automotive enthusiasts in for two major surprises? Maybe we've been watching too much "True Detective" and have the itch to put clues together, but a peculiar timeline has begun to take shape surrounding what's to come next for Bugatti. On Feb. 12, we picked up a report from The Supercar Blog that said ex-VW boss Dr. Ferdinand Piech had ordered a one-off Bugatti that cost about $18 million and would debut in Geneva. On Feb. 18, Bugatti began a social campaign that celebrated the 80th birthday of the famed 57 SC Atlantic, highlighting each of the four examples that were built. The Bugatti Type 57 SC Atlantic is one of the most mystical cars in automotive history and the star in the Hollywood movie OVERDRIVE. To find out more about its real life story, stay tuned! #Overdrive #Bugatti #BugattiAtlantic #Type57SC #BugattiHistory #Bugatti110Ans pic.twitter.com/RRhttBc6mI — Bugatti (@Bugatti) February 18, 2019 On Feb. 24, Bugatti publicly wondered if the design of the 57 SC Atlantic could be reinterpreted in the modern automotive landscape. Jean Bugatti's 57 SC Atlantic cannot be re-created, but what do you think? Can we translate its design language into the 21st century? #Bugatti #BugattiAtlantic #Type57SC #BugattiHistory #Bugatti110Years #Bugatti110Ans #JeanBugatti #BugattiDesign #BugattiDesignLanguage pic.twitter.com/HUKPQAkCUq — Bugatti (@Bugatti) February 24, 2019 And today, Feb. 25, Bugatti posted an interview with Deputy Design Director Etienne Salome in which he added a couple more hints. He starts by saying, "When the team and myself started to design this car," which suggests the Atlantic-inspired car is indeed real. He goes on, referencing Jean Bugatti: "How would he translate the timeless beauty and the elegance of his own private Atlantic onto a modern-day Bugatti?" Bugatti's Deputy Design Director Etienne Salome tells us, what it would need to revive the 57SC Atlantic in the 21st century. #Bugatti #BugattiAtlantic #Type57SC #BugattiHistory #BugattiStory #Bugatti110Years #Bugatti110Ans #JeanBugatti pic.twitter.com/zoHagIElSP — Bugatti (@Bugatti) February 25, 2019 The second piece of information there could be taken literally or figuratively.

2018 Bugatti Chiron gets the one thing (two, actually) it didn't have

If you thought there couldn't be anything missing on the multi-million-dollar, 1,500-horsepower, 250-mph Bugatti Chiron hypercar, we wouldn't blame you. But you would also be wrong. Apparently this massively fast tribute to capitalism didn't have an option for a sunroof. Can you believe it? The 2018 Bugatti Chiron couldn't be had with a feature you can get on a Hyundai Accent. Well, Bugatti Chiron buyers no longer have to suffer this indignity thanks to a new option called "Sky View." What Sky View amounts to are two glass panels, one over each seat, affixed to the roof of the hypercar. Each panel is laminated for a total of four layers and is designed to provide both UV protection for occupants and to be stiff and strong both to keep the car rigid and provide protection in a crash. Another upside to the option is that it adds 2.7 centimeters, or about an inch, of headroom. There do appear to be a couple of downsides, though. Bugatti mentions that the panels are tinted to keep the incoming light from being too overbearing, but it says nothing about any sort of sunshade if you find the tinting to not be sufficient. Not only that, but the panels are fixed, so you won't be able to get much of an open-air feeling. We should say the aforementioned Hyundai Accent has both of these features, but hey, you're making progress Bugatti, and that should be lauded. Maybe you'll get those details next time. Related Video: