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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

Range-topping 800-hp Lamborghini Aventador SV hits the 'Ring

A couple of years ago, rumors were circulating about a possible high(er)-performance version of the Lamborghini Aventador, and our spy photographers have just captured what appears to be a prototype of this new supercar testing at the Nürburgring. Supposedly called the Aventador SV (for Super Veloce), this even-more-hardcore version of Lamborghini's range-topper could boast as much as 800 horsepower. Yowza.
As for the car you see here, our spies point out new center-lock wheels wrapped in ultra-thin high-performance tires that hide revised brake calipers mounted in a different position than on the normal Aventador. Up front, there's a new aerodynamic piece that makes for an even lower air splitter, and around back, an extra piece of trim (often referred to as a Gurney flap) has been added to the spoiler to provide enhanced downforce.
We don't imagine there's much in the way of weight to shed from the Aventador's carbon fiber monocoque chassis, so this SV version will likely focus more on better suspension tuning, improved aero and a 80-100 more horsepower to set it apart from the rest of the range. Expect more details to arrive around the time of the Frankfurt Motor Show this fall.

Lamborghini's first EV will be a sports car with usable rear seats

Lamborghini's first series-produced electric car will make its debut by the end of the 2020s. We know the EV will arrive as a fourth model line, not as a battery-powered version of an existing car, and the brand revealed some of the areas it's focusing on during the design phase. Company boss Stephan Winkelmann recently confirmed the yet-unnamed EV will arrive as a grand tourer with a 2+2 seating layout, so it will bring Lamborghini back to a segment it left many decades ago. Federico Foschini, the firm's chief marketing and sales officer, revealed that the rear seats won't be merely for show: He told Motor Authority that they'll be "comfortable." Reading between the lines suggests that the EV will fill the gap between Lamborghini's two-seater super-sports cars, such as the new Revuelto flagship, and the family-friendly Urus SUV. Foschini added that two adults will be able to travel in the EV's back seats. This is fairly rare in 2023: most of the 2+2s currently on sale, including the Porsche 911, have rear seats that are best left to small kids. One of the few exceptions is the new, second-generation Maserati GranTurismo, which is surprisingly spacious for its segment. The Bentley Continental GT is also big enough to accommodate four adults. It's too early to provide technical specifications because the EV isn't scheduled to land in showrooms until 2028 at the earliest. Regardless of what the model is powered by, Foschini noted that the development team is shooting for over 300 miles of range. "This is what you need, because it's a full electric vehicle. You have no alternative range," he told Motor Authority. Note that "over 300 miles" is the best-case scenario; the executive clarified that the total number will depend on the driving mode selected, which is also true for combustion engines. More details about Lamborghini's upcoming electric model will emerge in the coming months. In the meantime, the Italian brand is preparing to electrify its entire range by 2024. The first step on this path is the aforementioned Revuelto, which uses a gasoline-electric hybrid system built around a new, 6.5-liter V12 engine. Next is the successor to the Huracan, which will reportedly use plug-in hybrid technology as well.