2023 Lamborghini Urus S on 2040-cars

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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

Italy to offer Lamborghini 100 million euros to build Urus

The Lamborghini Urus' prospects for production may have just received the impetus they need as the Italian government is preparing to offer significant incentives to produce the high-end SUV in the country. According to a report from Bloomberg, Prime Minister Matteo Renzi's government is prepared to extend as much as 100 million euros (approximately $112 million) – but not in cash. That'd be a bit much for the borderline bankrupt national government. Instead the motivation is reportedly being offered in the form of tax breaks and other such incentives. In exchange, Lamborghini would pledge to hire 300 new workers to build the crossover. The Urus, for those who may not recall, was a crossover concept which Lamborghini presented way back at the 2012 Beijing Auto Show. We caught a closed-door glimpse of it in New York shortly before its debut and saw it again in Monterey the following summer. Ever since, the Bolognese automaker has been petitioning its patrons at Audi and Volkswagen to give it the green light, but the Germans have been dragging their feet at the prospect of investing the necessary capital to pull it off. Lamborghini is reportedly hoping to get a final decision next month, and the government incentives could help it make the business case to its parent company. While the Italy's terms would require final assembly to take place in that country, much of the work could end up being done at the same plant in Bratislava, Slovakia, where the Volkswagen Touareg, Audi Q7, and Porsche Cayenne are built. Bentley is expected to undertake a similar process for its new Bentayga, with assembly to be finalized in the UK. Related Video: Featured Gallery Lamborghini Urus Concept: Monterey 2012 View 10 Photos News Source: BloombergImage Credit: Copyright 2015 Drew Phillips / AOL Earnings/Financials Government/Legal Plants/Manufacturing Lamborghini Crossover Performance tax incentives

Do you want a cheap amphibious Lamborghini Countach?

James Bond famously dove under the waves in a Lotus Esprit submarine in The Spy Who Loved Me. Elon Musk now has the car in his collection, but you can have the next best thing by buying this amphibious Lamborghini Countach. It needs a lot of work to be seaworthy or even roadworthy again, but the floating Italian supercar is currently on eBay Motors in the UK for the equivalent of $26,790. While the vehicle looks like a Countach, don't expect to listen to a sonorous Italian V12 on the open seas because power now comes from a Rover V8. In the water, a twin-prop drive runs from a power takeoff on the engine, and twin rudders allow for navigation. Hydraulics lift wheels when it's time to get wet. For wannabe Bonds, there's even a button inside to activate a smoke screen. Some digging online shows that Mike Ryan of SeaRoader originally built the water-going Countach. Both the eBay ad and Ryan's page assert the supercar briefly went to Hollywood for various roles, but the Internet Movie Car Database only shows the Lambo appearing briefly in Top Gear's Season 8 amphibious cars episode. Ryan also helped the guys build their own floating vehicles. Get ready for some hard work before setting sail. According to the listing, the carpets and seats are gone. The engine still turns, but the fuel pipe that goes to the tank needs replaced. It also requires new tires and brake work. If you're up to the challenge, this could be an amazing project. Related Video: News Source: eBay Motors, SeaRoader, Internet Movie Car Database via The DriveImage Credit: Top Gear via YouTube Aftermarket Design/Style Weird Car News Lamborghini Auctions Coupe Special and Limited Editions Performance Supercars Lamborghini Countach amphibious car