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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

2015 Porsche Cayenne Turbo S gets faster, more powerful [w/video]

Porsche just isn't letting development of the Cayenne Turbo S cease. The 2014 edition was unveiled at last year's Detroit Auto Show boasting 550 horsepower from the brand's 4.8-liter twin-turbo V8, and it could hit 60 miles per hour in 4.3 seconds to a 175 mph top speed. Those seemed like very impressive specs for an SUV, but only a year later, the German brand has revealed an even more powerful take on its flagship trim in the model lineup. The 2015 Cayenne Turbo S now makes 562 horsepower and 590 pound-feet of torque from the same V8. The key to seeing such a significant boost in grunt so quickly is that the two turbos are now integral and are located directly in the exhaust manifolds. Porsche's eight-speed Tiptronic automatic gearbox still routes power to all four wheels. All of the tweaks let the SUV hit 60 miles per hour in 3.8 seconds and a 176 mph to speed. Stopping should come quite rapidly too thanks to 16.5-inch diameter ceramic brake discs up front with 10-piston calipers. Of course, the Cayenne needs to be able to put that added grunt to good use. Porsche claims that the model can lap the Nurburgring Nordschleife in 7:59.74. Comparatively, the 550-hp Land Rover Range Rover Sport SVR previously touted its SUV 'Ring lap record with a circuit in 8:14 in 2014. The Turbo S doesn't try hard to show off its added prowess, though. Up front, the bumper and undersides of the door mirrors are done in high-gloss black paint. Meanwhile, the roof spoiler and wheel arches are body color. The 21-inch wheels with black edges provide a little flash, and LED headlights are standard. The interior should be comfy too with black and creme leather and carbon fiber accents. The whole package rings up for $157,300, plus $995 destination and delivery, and US deliveries start in late April. Check it out in Porsche's video below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The new Cayenne Turbo S The top athlete among SUVs At the 2015 North American International Auto Show in Detroit, Porsche is also introducing the new Cayenne Turbo S – the top model of the sporty SUV model series. Its re-engineered 4.8-liter V8 biturbo engine now develops 570 hp (419 kW) and 800 Nm (590 ft lb) of torque. A chassis that is tuned for maximum driving dynamics and packs a wide range of control systems also makes the Cayenne Turbo S a genuine top athlete.

Felicity Ace sinks with thousands of VWs, Porsches, Lamborghinis

The stricken ship Felicity Ace sank overnight after a week of salvage efforts ultimately proved unsuccessful. The ship, which was carrying up to 4,000 VW Group cars, went to the bottom unexpectedly while a salvage team was attempting to tow it to shore, Bloomberg reports.  "Initial reports from the local salvage team state that the vessel had sunk at around 9AM local time having suffered a list to starboard," Mitsui O.S.K. Lines transportation company (MOL), which owns the Felicity Ace, said in a statement released early Tuesday.    "The last vessel position was around 220nm off the Azores," MOL said. "The salvage crafts will remain around the area to monitor the situation. Further information will be provided as it becomes available." The ship sank after being battered by waves and listing 45 degrees to starboard, the ship’s operator said. “The weather was pretty rough out there,” Pat Adamson, a spokesperson for MOL Ship Management (Singapore), a unit of Mitsui OSK Lines Ltd., said by phone. “And then she sank, which was a surprise.” VW, Porsche, Audi, Bentley and Lamborghini-branded models were aboard the ship, which was headed to Rhode Island from GermanyÂ’s Emden port when the fire broke out on Feb. 16.  Rough seas and ongoing fires fueled by the lithium-ion batteries of EVs onboard delayed the ship's salvage and recovery operations for the better part of a week. While the likelihood of salvaging the smoke and potentially fire- and water-damaged vehicles from Felicity Ace's hold was slim to none, some had held out hope that their special-ordered vehicles might survive the mishap.  The Panama-flagged Felicity Ace was safely evacuated of its 22 crew members by the Portuguese navy after a fire started in its hold more than a week ago. The ship can carry up to 4,000 cars. European carmakers declined to discuss how many vehicles and what models were on board, but it appears to have been transporting approximately 2,500 cars, including roughly 1,100 Porsches and an undetermined number of Volkswagens.  The cars aboard were on order. Porsche customers in the United States were being contacted by their dealers, the company said. “We are already working to replace every car affected by this incident and the first new cars will be built soon,” Angus Fitton, vice president of PR at Porsche Cars North America, Inc., told The Associated Press in an email. The ship sank in water nearly 10,000 feet deep, the Portuguese Navy said.